Greystone Provides $10.5M Refinancing for Multifamily Property in Mankato, Minnesota

MANKATO, MINN. — Greystone has provided a $10.5 million Fannie Mae loan for the refinancing of River Bluff Apartments in Mankato. The 150-unit multifamily property is situated roughly 80 miles southwest of downtown Minneapolis. Monthly rents start at $850. The borrower, Mankato MAHC LLC, acquired the property in 2017. Kyle Jemtrud of Greystone originated the 12-year, fixed-rate loan, which features a 30-year amortization and four years of interest-only payments.