$48 Million Loan Helped Build The Grand Castle Apartments
The (in)famous Grand Castle Apartments in Grandville is a huge complex that is impossible to miss. Last week, the lender that provided a loan for the project shared some details on the loan agreement.
Walker & Dunlop, Inc. is a commercial real estate finance company. Walker & Dunlop says they provided a $48,300,000 bridge loan for The Grand Castle Apartments.
The loan program used provides short-term loans for properties that are being repositioned or do not yet qualify for permanent financing. The 24-month, floating-rate loan includes interest-only payments and allows the borrower to pay off existing construction debt and convert to a permanent loan once stabilized.
Since we're talking about a castle, we calculated the value of the bridge loan in today's gold prices. $48.3 million is equal to a little over of ton of gold at 2,075.9 lbs.
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