Grandbridge Arranges $14.4M in Acquisition Financing for Prep Academy Near Minneapolis
RICHFIELD, MINN. — Grandbridge Real Estate Capital has arranged $14.4 million in bond financing for the acquisition of Seven Hills Preparatory Academy in Richfield, a southern suburb of Minneapolis. BB&T Capital Markets closed a tax-exempt $13.3 million Series 2017A loan and a taxable $1.1 million Series 2017B loan for the borrower, SHPA ABC. Proceeds from the Series 2017 bonds will be used to acquire the 60,000-square-foot facility, as well as expand the property with the construction of a gymnasium. Interior and exterior renovations will also be made. The school serves students in grades K-8.