ST. PAUL, MN - Oak Grove Capital, a leading national provider of real estate financial services, arranged construction financing for a 120-unit, market-rate, mid-rise luxury apartment building at 2211 N. Milwaukee Ave. in Chicago’s Logan Square neighborhood.
Ryan Cahalan, Vice President of Oak Grove Capital said, “We always look to find the best financing solution for every deal and we have a variety of proprietary and third-party lending sources for doing so. The Borrower was seeking a construction financing structure with a long-term option and Principal Real Estate Investors had the ideal product. Our goal at Oak Grove is to match our clients’ needs to the best financing option available in the marketplace.
Principal Real Estate Investors provided the financing for New York City-based Property Markets Group (PMG). This represents the sixth loan Cahalan has closed with PMG in the last twelve months.
Cahalan further said, “We appreciate the opportunity to work with PMG and Principal Real Estate Investors on this exciting development, and I am pleased to have arranged a financing product that fits the company’s needs. We look forward to working with PMG on many exciting projects in the future.”
Noah Gottlieb, Senior Managing Director at PMG said, “Oak Grove Capital continues to be a great partner for us not only in Chicago, but around the country too. Recently, Oak Grove Capital has provided us with propriety bridge debt, Fannie Mae permanent loans and, now, participating construction debt through one of their correspondent lenders.”
Jon Buenneke, Investment Director-Mortgages at Principal said, “We are desirous of providing participating construction debt on select development transactions. This opportunity was appealing to us as the development is well located in a large metropolitan city, is urban in nature, and has the added benefit of being very transit-orientated. We are excited to provide this comprehensive financing package to PMG so they can develop a quality property in a great location.”
About Oak Grove Capital: Oak Grove Capital is a nationwide mortgage lender specializing in affordable and market rate multifamily apartment complexes, seniors housing and healthcare facilities. Headquartered in St. Paul, MN, Oak Grove Capital services a $9.5 billion commercial loan portfolio and offers a product line consisting of Fannie Mae DUS®, Freddie Mac, FHA (MAP and LEAN), as well as other commercial real estate funding options. Regional offices are located in Los Angeles, Dallas, Tampa, Chicago, Birmingham, Columbus, OH and Bethesda, MD. For more information, visit www.oakgrovecap.com.
About PMG: PMG employs a two-prong investment strategy when investing in the Chicago market, with a heavy focus on understanding the rental dynamics within many of Chicago’s individual neighborhoods. All of PMG Chicago’s current projects exemplify its neighborhood development strategy, where by capitalizing on Chicago’s new class of young affluent renters, the firm is building luxury product in areas that have not seen new multifamily development but are close to Downtown and are well-served by public transportation. PMG also seeks distressed and/or under-valued opportunities in working-class neighborhoods where they renovate existing assets to achieve superior cash yields.
About the Principal Financial Group: The Principal Financial Group® (The Principal is a global investment management leader offering retirement services, insurance solutions and asset management. The Principal offers businesses, individuals and institutional clients a wide range of financial products and services, including retirement, asset management and insurance through its diverse family of financial services companies. Founded in 1879 and a member of the FORTUNE 500®, the Principal Financial Group has $519.3 billion in assets under management and serves some 19.7 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com