Brick Towne at Signature Village

Grandbridge Real Estate Capital recently closed a $16,000,000 first mortgage secured by a 216-unit multifamily property in Ankeny, Iowa.

Minneapolis-based Vice President’s Dick Riley and Brett Olson originated the transaction.

Grandbridge successfully worked with the borrower and a correspondent life insurance company to structure the transaction to meet the borrower’s objectives, which included an early rate lock and a return of a portion of their equity contribution.

This collaborative relationship provided the borrower with a nonrecourse, 10-year loan with a 30-year amortization, closing with a fixed interest rate near four percent.

“This loan structure allowed the borrower to lock their permanent interest rate while the property was still under construction and in lease up. The interest rate was locked when the property was 65 percent leased; with the loan funding when the property reached 94 percent occupancy” explained Olson.