Dealmaker: Grandbridge Provides $114M for Office, Multifamily

Grandbridge Real Estate Capital, Charlotte, N.C., arranged $113.5 million for office and apartment properties in Minnesota and Virginia.

In Mendota Heights, Minn., Grandbridge closed a $23.5 million first mortgage loan secured by a six-building, 420,000 square-foot office park. Minneapolis-based Tony Carlson originated the refinance.

A life insurance company supplied the 10-year fixed-rate loan, which required no personal guaranty and closed with a low interest rate and flexible structure to facilitate borrower objectives.

“The loan funded on time and met our repeat client’s timing goals and allowed them to capitalize on historically low interest rates, allowing them to significantly reduce their debt service,” Carlson said.

Carlson also arranged permanent refinance of a $9.1 million first mortgage loan secured by a 125-unit apartment project in Plymouth, Minn. Fannie Mae, Washington, D.C., provided the non-recourse loan.

Carlson also closed $3.8 million and $5.1 million mortgages secured by two multifamily properties in greater St. Cloud, Minn.

The non-recourse life insurance company loans featured 15-year terms and 15-year amortizations. They closed with a fixed interest rate in the low 3 percent range.

In Virginia, Grandbridge Senior Vice President Paul Aanonsen and Vice President Patrick Brown closed a $72 million refinance loan secured by a The Cosmopolitan at Reston Town Center, a 289-unit multifamily property in Reston, Va. An agency lender provided a 10-year floating-rate loan on the property.