Oak Grove Capital Provides $26.5M for a Minnesota Asset
- Mar 26, 2013
Woodbury, Minn.—Oak Grove Capital has originated a $26.5 million HUD GNMA 223(f) loan for Woodlane Place Townhomes, a 226-unit asset located in Woodbury, Minn. The 35-year, fully amortizing loan was secured for At Home Apartments, which used the financing to acquire the asset.
“This particular deal had many moving pieces and real-time adjustments, forcing us to constantly adapt,” says Scott Streiff, vice president at Oak Grove Capital. “Our internal team and counsel worked extremely hard. They deserve a lot of the credit in getting this deal to the finish line.”
The 1988-built asset consists of 31 one- and two-story townhome-style buildings with attached garages. Amenities include a heated pool, children’s play area, picnic area, dog park and tennis courts.
Two N.J. properties trade for $9.7M
Ocean Township & West New York, N.J.—Thomas McConnel and Kevin McCrann of Marcus & Millichap have arranged the sale of two apartment assets in New Jersey totaling 126 units. The combined sales price was $9.7 million.
Whalepond Village, located in Ocean Township, sold for $7.1 million, or at an approximate cap rate of 5.9 percent. The seller is the property developer, K. Hovanian. The buyer was Ocean Township.
Broadway Apartments is located in West New York and was sold for $2.6 million, or approximately a 7 percent cap rate. It was sold by Roje Realty Co. and picked up by Sela Properties.
Alliant Capital closes on an $875,000 loan in Beverly Hills
Beverly Hills, Calif.—Alliant Capital LLC announced the closing of an $875,000 refinance loan on a six-unit garden style multifamily property, located in Beverly Hills, Calif. This transaction was originated by Matt Stevens, Alliant’s regional director, in the San Diego office.
The loan was closed on March 21, 2013 with a 5.69 percent interest rate and structured with a 30-year fixed rate term and a 30-year amortization.