Grandbridge Provides $43.8 Million Construction Loan for Renovation of Apartment Complex in Iowa City

by Katie Sloan

Iowa City, Iowa — Grandbridge Real Estate Capital has provided a $43.8 million construction loan for the renovation of a 400-unit apartment complex located near the University of Iowa and Kirkwood Community College in Iowa City.

The 16-building property will be rebranded Quarters at Iowa City by property developer The Tailwind Group, and will offer 336 units. Renovations will include the construction of eight new buildings and a new two-story clubhouse.

Brett Olson and Dick Riley of Grandbridge originated the 24-month, interest-only first mortgage loan through one of the company’s specialty lending relationships. Community amenities are set to include a resort-style swimming pool, 24-hour fitness center, student lounge and outdoor sports courts. Construction will be complete by August 2017. 

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