GRANDBRIDGE CLOSES TWO MULTIFAMILY LOANS IN TWIN CITIES AREA

APPLE VALLEY AND MANKATO, MINN. — Tony Carlson, Dick Riley and Dave Rasmussen of Grandbridge Real Estate Capital's Minneapolis office originated and closed two first mortgage multifamily loans totaling more than $4.7 million. In the first transaction, an undisclosed borrower received a 10-year term loan to refinance a 36-unit apartment complex in Apple Valley. The loan features a 30-year amortization and a fixed rate. In the second transaction, an undisclosed borrower received a loan for a 72-unit apartment property in Mankato. The loan refinanced the borrower's maturing loan and was funded at 80 percent of appraised value. The loan features a 10-year term, 30-year amortization and a fixed rate. Both financing transactions were funded through a Fannie Mae Small Loan Program lender.