Grandbridge Closes $17.8 Million Construction Loan for Minnesota Seniors Housing Development

Published On: 05.04.16

Minneapolis, Minn. — Grandbridge Real Estate Capital recently closed a $17,886,496 construction loan secured by a to-be-built120-unit seniors housing community in Little Canada, Minn.

Minneapolis-based Senior Vice President Dave Rasmussen originated the transaction.

“The borrowers sought a construction mini-perm loan that allowed them to build and hold the property for the long term. The developer is a repeat client and the total project development cost will exceed $20 million. The lender is a local bank that the borrower and I have worked with on previous closings. So, when this opportunity came along, the process and paperwork was a known product, which created a more seamless transaction,” stated Rasmussen.

The nonrecourse loan closed with a 5-year loan term, 25-year amortization and an interest rate in the mid three percent range.