Grandbridge Minneapolis Finances $26.2 Million Multifamily Property in Chicago Suburb

Published On: 05.08.16

Minneapolis, Minn. — Grandbridge Real Estate Capital recently closed a $26,200,000 first mortgage loan secured by a 308-unit multifamily property in Lisle, Illinois.

Minneapolis-based Ben Fazendin originated the permanent, fixed rate transaction.

Funding for the refinance was arranged through Fannie Mae’s DUS® loan program. Grandbridge successfully worked with the borrower and Fannie Mae to structure the 10-year, nonrecourse loan with several years of interest-only payments. This collaborative relationship enabled the borrowers to accomplish all of their refinancing goals, including returning a portion of equity to the principals.