Gantry Secures $48M Construction Takeout Financing for Minnesota MF
Gantry has secured a $48.3 million permanent loan to retire construction financing for The Edison at Maple Grove apartments located at 9820 Garland Lane North in Maple Grove, a suburb northwest of Minneapolis.
The two-building, five-story, class A, podium-style building features 248 units over two stories of heated underground parking with an additional 149 surface parking spaces. Floor plans include one-, two-, and three-bedroom layouts.
Gantry’s Joe Monteleone, principal, and Bonnie Monteleone, senior associate, with the firm’s St. Louis production office, represented the borrower, a private real estate investor. The 10-year, fixed-rate, non-recourse, full-term interest-only loan was secured from Freddie Mac. “The marketplace for debt on high-quality multifamily is flush with the agencies, life companies, banks and others competing aggressively for their target allocations,” said Monteleone.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout