Vermillion, S.D. — Grandbridge Real Estate Capital has secured $22.3 million in construction financing for the development of a 496-bed student housing community near the University of South Dakota in Vermillion.
Brett Olson of Grandbridge originated the loan on behalf of the borrower, Tailwind Group. The financing was provided by an undisclosed bank, and features a five-year term with two years of interest only and a 30-year amortization schedule. The property will consist of nine apartment buildings and a clubhouse. Shared amenities will include an outdoor hot tub, a basketball court, workout facility, sand volleyball court, tanning, a coffee bar and lounge and a game room. A timeline for development has yet to be announced.