Murray, Michael
Grandbridge Real Estate Capital's Minneapolis office originated and closed $8.5 million on two first mortgage multifamily loans.

Dave Rasmussen, senior vice president, and Tony Carlson, senior analyst at Grandbridge, arranged the refinance transactions through Fannie Mae’s Delegated Underwriting and Servicing loan product.

Grandbridge internally processed the nonrecourse loans on more than 300 market-rate apartment units that secured the deal. The loans were secured by a 60-plus unit property in North Dakota and a 260-plus unit property in Nebraska.

Both fixed-rate, 10-year loans carried interest rates below 6 percent. The 30-year amortizations were designed to maximize cash flow for the borrower, a publicly traded real estate investment trust.

“The closings allowed the client to refinance their existing loans at substantially lower interest rates," Carlson said. “One of the challenges included underwriting and closing the transaction during the concurrent opening and lease-up of an additional building that has just been constructed at the site.”