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.
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.
“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.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
