ST. LOUIS—Oak Grove Capital has secured $23.2million in Fannie Mae loans for the acquisition ofPine Tree Club Apartments and Westbrooke Village Apartments, twomarket-rate apartment communities in St. Louis.

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The fixed-rate loans both carry seven-year terms, two years ofinterest-only, and four years of yield maintenance. Bothcommunities were built in the mid 80's and have a combined 402units.

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“These assets were under managed, and needed significant capitalimprovements in order to make the deal happen,” said ScottStreiff, vice president at Minneapolis-based Oak GroveCapital, in a prepared statement. He was not available for commentby press time, but GlobeSt.com will provide an update. “We broughtFannie Mae to each property so the borrower could communicate theirvision for each asset, and have both Oak Grove and Fannie Maebecome comfortable with the proposed repositioning and exitstrategy.”

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"The transaction took seven months to complete from start tofinish,” added Rick Wise, managing partner at OakResidential Partners. “The professionals at Oak Grove Capital andFannie Mae stayed with us throughout. We were humbled by theirpatience and commitment to these deals, as well as to OakResidential.”

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"Oak Grove proved to be a great partner on a deal that had manyunique and difficult circumstances,” said AdamLevine, also managing partner at Oak Residential Partners.“They were able to get creative on tough deal issues whichultimately lead to a successful closing. The loan terms andstructure obtained will allow us to successfully implement ourbusiness plan for both assets.”

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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.