ST. PAUL, MN - Oak Grove Capital, a leading national provider of real estate financial services, originated a $31.8 million refinance for Westwood Villa Apartments, a 204-unit market rate apartment complex in Los Angeles.
The 35-year, fully amortizing loan was provided via FHA’s 223(f) program, securing an attractive interest rate of less than 3.25 percent and eliminating any future balloon maturity risk. The property offers tenants amenities such as an outdoor swimming pool, barbecue area, secured entry and garage parking.
“Despite facing a sizable prepayment penalty on their existing debt, as a long-term investor, our client wanted to lock in a lower fixed interest rate for the period of time which they want to hold the property. The owner was able to secure an attractive rate, while maintaining maximum prepayment flexibility through a stepdown prepay structure,” said Levi Brooker, Vice President at Oak Grove Capital. “We are pleased to have helped our client reach their financing goals in this transaction.”
In the last two years, Mr. Brooker has closed 18 loans, accounting for $190 million with the Los Angeles HUD office.
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