ST. PAUL, MN - Oak Grove Capital, a leading national provider of real estate financial services, originated a $27 million Freddie Mac ARM loan for Algonquin Square Apartments, a 220-unit development constructed in Chicago’s western suburbs between 2012 and 2013. The loan was for a joint venture between Marquette Companies, EJ Plesko & Associates and American National Insurance (ANICO), which served as the limited partner.
The new loan allowed for the payoff of the construction loan, municipal loans and further returned some of the original investment to the investor members.
“The Oak Grove team, led by Scott Streiff, came into the process during the initial lease up and worked closely with the various involved parties,” said Trevor Ryan, Director of Asset Management at Marquette Companies. “Their willingness to dive in early and their strong relationships allowed them to identify the best source of financing and guide all parties to a smooth execution. Oak Grove found additional value along the way that further improved the final result.”
Scott Streiff, Vice President at Oak Grove Capital, said, “After spending time at the Algonquin Square site and meeting with the Sponsors to find out what their goals were, we structured an attractive seven year Freddie Mac adjustable rate mortgage for them with two years on interest-only and a 30-year amortization. Our terms offered them a very flexible and attractive exit strategy after year one, while allowing them to take advantage of today’s low floating interest rate environment.”
“Once again, we enjoyed working with Oak Grove Capital to facilitate our financing needs at another one of our projects,” said Andrew E. Plesko, President and General Counsel of E.J. Plesko & Associates. “Oak Grove continues to exceed our high expectations for prompt and professional service. Scott Streiff and the Oak Grove team are a pleasure to do business with and can navigate through complex transactions seamlessly. Undoubtedly, we will continue to look to them to meet our financing goals throughout our portfolio.”
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.