Minneapolis — 318 Commons was built in 2011.
Minneapolis — Grandbridge Real Estate Capital recently closed a $21 million first mortgage loan to refinance a 98-unit, 208-bed student housing property near the University of Minnesota Rochester (UMR) in downtown Rochester, Minn. The property, 318 Commons, was developed by G.H. Holdings. The transaction was originated by Minneapolis-based Tony Carlson.
Funding for the loan was provided by Barclay’s Capital and featured a 10-year term, 30-year amortization and closed with a fixed interest rate in the mid four percent range. The loan required no personal guaranty and allowed the borrower to pay off the construction lender and transition from full recourse obligations to a permanent 10-year nonrecourse loan.
The property was constructed in 2011 and features hardwood floors, granite countertops and in-unit washers and dryers. The property also features a student life center, student study areas, and UMR professorial/teacher offices. In addition to student apartment units, the property also features 37,500 square feet of commercial space currently leased to a local bank, restaurant and medical clinic, as well as lower-level lab and classroom space utilized by UMR.