Minneapolis, Minn. — Grandbridge Real Estate Capital has provided a $51.5 million Fannie Mae loan for the acquisition of a 538-bed student housing community in the Midwest.
Brett Olson of Grandbridge’s Minneapolis office arranged the 15-year loan with three years of interest-only payments and a 30-year amortization schedule on behalf of the undisclosed borrower. The community is located one mile from a large university in the Midwest. The name of the property was not disclosed. Shared amenities include a resort-style pool, outdoor kitchens, sand volleyball court, bocce ball, fitness center, game room and rooftop terraces.