Grandbridge Arranges $4.8M Financing for Apartment Community in Eden Prairie, Minn.

by Danielle Everson

EDEN PRAIRIE, MINN. — Grandbridge Real Estate Capital has arranged a $4.8 million first mortgage loan for a 75-unit apartment complex in Eden Prairie. The garden style community, which features a mix of one-, two- and three-bedroom units, was fully occupied at closing. Tony Carlson of Grandbridge originated the 10-year, fixed-rate loan, which includes a 20-year amortization schedule, through a life insurance company. The undisclosed borrower utilized loan proceeds to retire existing recourse debt.

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