Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $48.3 million permanent loan to retire construction financing for The Edison at Maple Grove apartments at 9820 Garland Lane North in Maple Grove, Minnesota, a fast-growing suburb about 20 miles northwest of Minneapolis. The two-building, five-story, Class A, podium-style property includes 248 units over two stories of heated underground parking, with an additional 149 surface parking spaces. Floor plans span one-, two-, and three-bedroom layouts featuring stainless steel appliances, premium plank flooring, carpeted bedrooms, and in-unit washer/dryer. Amenities include a resort-style swimming pool with cabana, rooftop clubhouse, business center, fitness center, dog park, and playground.
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, full-term interest-only loan was secured from Freddie Mac. Monteleone said the marketplace for debt on high-quality multifamily is "flush with the agencies, life companies, banks and others competing aggressively for their target allocations." He added that for an experienced sponsor building Class A product planned for a legacy hold, current Freddie Mac permanent loan programs for construction takeout financing can offer long-term stability and full-term interest-only to enhance cash flows if debt service capacity aligns. Through this vetted program, Gantry's team has financed $144.7 million for four Edison branded properties in 2026, representing 869 Class A units in three states.
The transaction signals continued lender appetite for stabilized, high-quality suburban multifamily assets, with agency execution providing a path from construction debt to permanent financing. Gantry's national servicing portfolio totals $23 billion, and the firm has more than 30 years of loan-production experience. The full-term interest-only structure suggests the borrower prioritized cash flow flexibility for a long-term hold, consistent with Monteleone's description of the sponsor's investment plan.
What remains unknown from the single source is the loan's interest rate, the identity of the private real estate investor, the original construction lender, and the property's occupancy or rent performance at takeout. The report also does not disclose the other three Edison branded properties financed in 2026 or their locations beyond the three-state total. Because the evidence comes from one secondary trade publication, the transaction details have not been independently corroborated.