Oak Grove Capital Provides $55.64M For Three Minn. Communities
Oak Grove Capital recently originated three HUD 223(f) loans totaling $55.64 million to refinance three multifamily communities in the Twin Cities area of Minnesota.
By Jessica Fiur, News Editor
St. Paul, Minn.—Oak Grove Capital, a national mortgage lender that specializes in affordable and market-rate multifamily communities, seniors housing and healthcare facilities, recently originated three HUD 223(f) loans totaling $55.64 million to refinance three multifamily communities in the Twin Cities area of Minnesota. The loans were provided to Bigos Management, and all of the loans carry a 35-year term and amortization period.
“Oak Grove worked hard to streamline the HUD process for us, which was key in our shortened time frame,” Ted Bigos, founder and owner of Bigos Management, says.
The communities are called Eden Commons, Mallard Creek and Mears Park Place. Eden Commons, which includes 196 units, received $17.6 million in financing. Mallard Creek, which includes 122 units in a two-wing, three-story building, received $13 million. And Mears Park place, which is a 298-unit building, received $24.9 million. The three communities all include amenities such as swimming pools, fitness rooms and tanning centers.
“Oak Grove is proud to have been involved with these financings,” Ken Dayton, managing director of Oak Grove Capital’s St. Paul office, says. “We were able to provide long-term, fixed-rate financing within five months from the time Bigos signed the application to the day we closed.”