MINNEAPOLIS—A diverse group of players has come together tofinance Five 15 on the Park, a $52 million,259-unit apartment building in Minneapolis with a big affordablecomponent. St. Paul, MN-based mortgage banker Oak GroveCapital, LLC arranged a $33 million FHAloan, which was sold to the AFL-CIO Housing InvestmentTrust, a frequent partner of Oak Grove.
“They also bought the short-term tax exempt bonds that weneeded,” Ken Dayton, managing director of OakGrove, tells GlobeSt.com. “You very seldom have an investor thatwill buy both the taxable mortgage and the tax-exempt bonds.”
The six-story project, at the corner of 6th St. and 15th AvenueS. in the Cedar-Riverside neighborhood near downtown, will generateneeded affordable housing and about 260 union construction jobs,AFL-CIO officials say.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
