AUSTIN--Oak Grove Capital has originated $63 million of fixed-rate Fannie Mae loans for Investors Capital Group (ICG) to acquire four separate market-rate, garden-style apartment projects in Austin.
“Oak Grove is fortunate to have loyal customers like ICG,” Brian Kelleher, managing director of Oak Grove Capital, told GlobeSt.com. “While our volumes continue to grow year after year, 80 percent of our loan closings come from returning customers.”
Since February 2013, ICG has worked with Oak Grove Capital on nine transactions with a total combined loan amount of $120 million.
The properties in the recent transactions include:
- Hillside Creek, $16,867,000 loan, 268 units,
- Polo Club, $17,682,000 loan, 304 units
- Audubon Square, $10,823,000 loan, 164 units and
- Hillside Villas, $17,628,000 loan, 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.
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