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GE REAL ESTATE PROVIDES $33.2 MILLION ACQUISITION LOAN FOR OFFICE PORTFOLIO

Posted on by in Midwest, Office

EDEN PRAIRIE, PLYMOUTH AND BLOOMINGTON, MINN. — GE Real Estate has provided a $33.2 million flexible fixed-rate loan to Dougherty Commercial Properties for the acquisition of nine offices throughout suburban Minneapolis. The 3-year loan includes two 1-year extensions. Totaling 448,254 square feet, the portfolio consists of two office buildings and seven flex buildings across five properties in Eden Prairie, Plymouth and Bloomington. Minneapolis-based Dougherty and its joint venture partner JRK Birchmont Advisors are investing approximately $11 million of equity in the transaction, which was brokered by Chris Perry and Matt Halberg of Grandbridge Real Estate.

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