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Gantry locks $48.3M permanent loan for Maple Grove apartments

The 10-year, fixed-rate, non-recourse, full-term interest-only loan from Freddie Mac refinances construction debt for The Edison at Maple Grove.

Reported · Written up by our desk · Mortgages

Gantry secured a $48.3 million permanent loan to retire construction financing for The Edison at Maple Grove apartments in Maple Grove, a suburb northwest of Minneapolis, according to ConnectCRE.

The Edison is a two-building, five-story, class A, podium-style property with 248 units, heated underground parking, and additional surface parking, and it offers one-, two-, and three-bedroom floor plans.

The financing is a 10-year, fixed-rate, non-recourse, full-term interest-only loan provided by Freddie Mac.

ConnectCRE said Joe Monteleone, principal, and Bonnie Monteleone, senior associate, of Gantry’s St. Louis production office represented the borrower, a private real estate investor.

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