Goodwill Central

Grandbridge Real Estate Capital recently closed two loans totaling $9,280,000 secured by two Class-A, 25,000 square foot retail properties in Orlando, Fla. Minneapolis-based Ben Fazendin originated the refinance transactions with a Minnesota-based investor.

Grandbridge successfully worked with the borrower and a lender to structure the transactions to meet the borrower’s objectives. This collaborative relationship enabled the borrower to accomplish their goals and provided the borrower with a nonrecourse, 10-year fixed rate loan with an interest rate near four percent. The mortgages also provided a waiver of any prepayment penalty to mitigate the risk of a tenant purchase option during the term of the loan.

“The loan funded on time and met our client’s timing objectives,” explained Fazendin. “The properties were both recently completed and have long-term leases in place. Our client was able to fix long-term nonrecourse loans while retiring construction financing and returning some capital to the investors.”