Grandbridge Finances $51.5 Million Student Housing Property

Published On: 07.17.18

$51M Midwest Student HousingMinneapolis, Minn. — Grandbridge Real Estate Capital recently closed a $51,500,000 first mortgage loan secured by a 264-unit/538-bed Class A student housing property located near a large university in the Midwest. The acquisition financing was originated by Minneapolis-based Vice President Brett Olson. 

The nonrecourse loan was funded through Grandbridge’s Fannie Mae DUS® platform and featured a 15-year term with three years of interest-only followed by a 30-year amortization. The loan closed with a fixed interest rate in the mid-four percent range.

“Grandbridge successfully worked with the borrower and lender to structure a transaction that met the borrower’s specific needs and the lender’s caveats. This successful working relationship enabled Grandbridge to meet our repeat client’s objectives and assist in the continued expansion of our client’s student housing portfolio throughout the Midwest,” explained Olson.

The subject property is a dedicated premier student housing property located approximately 1 mile from the school’s campus.  The property features 264 units and very desirable common area amenities for students including: a resort style pool, outdoor kitchens, sand volleyball court, bocce ball, fitness center, game room and roof top terraces.