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Chicago & Midwest  + Midwest  + Apartments  |  June 8, 2026
Jasmine Kilman
By: Jasmine Kilman

Gantry Secures $40M Construction Takeout Loan for St. Paul Multifamily

Gantry has secured a $39.5 million permanent loan as construction takeout financing for the Edison at Woodbury apartments located at 326 Karen Drive in Woodbury, Minnesota, a Twin Cities suburb east of St. Paul.

The recently completed mid-rise apartment building also includes a limited mix of satellite townhome and carriage house units featuring living space and attached garage parking, with the community offering a total of 207 units in one-, two-, and three-bedroom floor plans. 

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 loan was secured from Freddie Mac and features five years of interest-only transitioning to 35-year amortization. “For Edison at Woodbury, the blend of interest-only and 35-year amortization terms at relevant proceeds provided by Freddie Mac resonated best with plans for a legacy hold,” said Monteleone.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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