Gantry Secures $40M Construction Takeout Loan for St. Paul Multifamily
Gantry has secured a $39.5 million permanent loan as construction takeout financing for the Edison at Woodbury apartments located at 326 Karen Drive in Woodbury, Minnesota, a Twin Cities suburb east of St. Paul.
The recently completed mid-rise apartment building also includes a limited mix of satellite townhome and carriage house units featuring living space and attached garage parking, with the community offering a total of 207 units in one-, two-, and three-bedroom floor plans.
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 loan was secured from Freddie Mac and features five years of interest-only transitioning to 35-year amortization. “For Edison at Woodbury, the blend of interest-only and 35-year amortization terms at relevant proceeds provided by Freddie Mac resonated best with plans for a legacy hold,” said Monteleone.
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Brokers
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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
Lenders
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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