CBRE Capital Markets has arranged an $11 million refinancing for Grandview Square, an office property located in Edina, Minnesota. The asset totals 98,561 square feet and serves as a multi-tenant office building in the city. The refinancing assignment focused on Grandview Square as a stabilized property, with the new loan replacing existing debt on the asset.
The financing was secured by CBRE’s Debt and Structured Finance team based in Minneapolis. The team members on the assignment were Billy Mork, Joel Torborg and Mike Vannelli. Working on behalf of Capital Partners, a Minnesota-based commercial real estate investment and management firm, they arranged a new loan to recapitalize the property.
The new debt structure for Grandview Square is a five-year, fixed-rate loan. The financing is full-term interest-only, with a stated interest rate of 5.89%. The loan terms reflect the lender’s willingness to provide interest-only payments for the entirety of the loan term. The transaction was completed as a refinancing, rather than a sale or new development financing.
According to CBRE, Grandview Square attracted strong attention from lenders due to several operating fundamentals. The building is fully occupied, with a tenant base that spans multiple industries, and the asset has had ongoing investment from its ownership. These characteristics were described as aligning with what lenders are emphasizing in the current environment, including occupancy, tenant diversity and consistent capital investment in the property.
Grandview Square is located at 5201 Eden Avenue in Edina’s Grandview district. The location offers convenient access to downtown Minneapolis, Minneapolis-Saint Paul International Airport and the nearby 50th & France retail corridor. The property was originally constructed in 2001.
The office building underwent a renovation in 2025, which updated the asset and added to its appeal for both tenants and lenders. The three-story property includes a range of amenities for occupants, though specific features were not detailed. At the time of the refinancing, the building was reported to be 100 percent leased to a total of 16 tenants, underscoring its stabilized occupancy profile.
