Grandbridge Arranges $17.9M Construction Loan for 120-Unit Community in Minnesota

by Jeff Shaw

LITTLE CANADA, Minn. — Grandbridge Real Estate Capital has closed a $17.9 million loan for the construction of Cardigan Ridge, a 120-unit independent living, assisted living and memory care community in the Twin Cities suburb of Little Canada.

Hearth Development is building the project, which is already under construction. Grandbridge estimates total development costs will exceed $20 million.

Dave Rasmussen, a senior vice president in Grandbridge’s Minneapolis office, originated the loan. A local bank is providing the capital. The nonrecourse loan closed with a five-year term, 25-year amortization and an interest rate near 3.5 percent.

North Carolina-based Grandbridge is financial services company focused on the multifamily sector. The company is a subsidiary of Branch Banking and Trust Company (BB&T).

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