ST. PAUL, MN - Oak Grove Capital, a leading national provider of real estate financial services, recently closed 10 market rate loans totaling $75.6M. The deals, ranging from $2.0 million to $31.8 million, closed between May 26 and June 30, 2015.
The largest deal was a $31.8 million FHA refinance loan for Westwood Villa Apartments, a 204-unit market rate apartment complex in Los Angeles, CA. The 35-year fully amortizing loan was facilitated by Levi Brooker, vice president, Oak Grove Capital. An attractive interest rate of less than 3.25 percent was secured eliminated any future balloon maturity risk. The property offers tenants amenities such as an outdoor swimming pool, barbecue area, secured entry and garage parking.
Oak Grove Capital also arranged a $9.6 million FHA loan modification for 1910 on Water, a 68-unit market rate property located along the Milwaukee River a few minutes’ walk from downtown Milwaukee. The loan was arranged on May 29 by Ken Dayton, Managing Director at Oak Grove Capital. Amenities include various energy-saving and sustainable amenities including: programmable thermostats, energy-efficient gas heat and central air conditioning, a “green roof” courtyard, bicycle storage, ample access to natural light, strategies to reduce energy consumption, reduce storm water runoff and preserve surrounding ecological habitats, high-performance, green-cleaning policies and procedures, simple strategies to encourage recycling, and a bike sharing program for residents. Additional amenities include 9-foot ceilings, secure underground parking, window treatments, washer & dryer in every home, oversized walk-in closets with additional storage, fitness center, dry cleaning, concierge services, dry cleaning services, and an entertainment space.