TODAY’S DEALS: Oak Grove Keeps the Texas Deals Rolling
Oak Grove Capital arranges four acquisition loans for ICG; Blue Ridge Cos. lands a property management gig in South Carolina; and NorthMarq Capital finalizes a $19.95 million refinance carrying a five-year interest-only feature.
Austin, Texas—Oak Grove Capital is off to a strong start for 2015. The nationwide mortgage lender announced yesterday that is has originated $63 million of fixed-rate Fannie Mae loans for Investors Capital Group to acquire four market-rate, garden-style apartment projects in Austin. They are:
- Hillside Creek — $16.9 million — 268 units
- Polo Club — $17.7 million — 304 units
- Audubon Square — $10.8 million — 164 units
- Hillside Villas — $17.6 million — 249 units
“Having worked with Oak Grove Capital on previous projects, we knew they could help us lock in rates in less than 30 days, which enabled us to make competitive offers on the properties and close on our initial terms,” says Mick Halpin, principal of ICG.
Since February 2013, ICG has worked with Oak Grove Capital on nine transactions with a total combined loan amount of $120 million.
Blue Ridge Cos. lands South Carolina management gig
Columbia, S.C.—Blue Ridge Cos. has been tapped to manage Heron Lake Apartment Homes, a 216-unit garden-style community located in Columbia, S.C. The new addition brings the total number of Blue Ridge-managed properties in South Carolina to six. The firm now has 11,154 units under management in the Southeast.
“Heron Lake is tucked away and surrounded in a quiet wooded setting,” says Tami Fossum, vice president of Blue Ridge Cos. “With a lakeside view and mature landscaping, this community is a very attractive place to live. It’s also located in northeast Columbia ideally situated between the Killians and Sandhills areas with convenient access to I-77 and I-20.”
Leases range from $785 to $995 per month for these upscale apartments, which range in size from 886 to 1237 square feet, some of the most spacious floor plans in the market.
NorthMarq finalizes $19.95M refinance with five-year I/O
League City, Texas–Greg Duvall, senior vice president/managing director of NorthMarq Capital’s Kansas City-based regional office completed the $19.95 million refinance of Grand Villas at Tuscan Lakes, a 206-unit multifamily property located at 1800 S. Egret Bay Boulevard in League City, Texas.
The transaction was structured with a 10-year term with five years of interest-only followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its Seller/Servicer relationship with Freddie Mac.