PLANTATION, FL-The Waves, a rental community comprising 488 units in Plantation, Florida, has secured a Fannie Mae affordable loan worth $45 million. The fixed-rate loan has a term of seven years and an amortization period of 30 years. The borrower has used the loan to refinance its already existing mortgage on the property.
Oak Grove Capital originated the mortgage loan. According to the company's managing director of affordable housing, Tim Leonhard, the mortgage lender arranged the financing within 35 days. For the full story, go to Commercial Property Executive .
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