Oak Grove Capital Originates $45M Fannie Mae Loan for Florida Apartments
- Jan 09, 2012
January 9, 2012
By Barbra Murray, Contributing Editor
Oak Grove Capital’s financing origination spree for apartment properties continues as the mortgage lender completes a $45 million Fannie Mae affordable loan for The Waves, a 488-unit rental community in Plantation, Fla.
The financing came in the form of a seven-year, fixed-rate mortgage loan with a 30-year amortization schedule. The borrower utilized the proceeds to refinance the existing mortgage loan.
Oak Grove did not just facilitate the transaction; it facilitated the transaction expeditiously. “For this particular loan, we went from application to commitment in just 35 days,” Tim Leonhard, managing director of affordable housing at Oak Grove Capital, said.
Oak Grove has had a busy couple of weeks. Most recently, the firm originated $34.2 million in financing through Fannie Mae’s Structured ARM loan program for Mariman & Co.’s acquisition of the 272-unit La Palma Apartments in La Palma Calif. And just before the close of 2011, the firm originated a $46.2 million three-loan debt-financing package for Banyan Realty’s purchase of its partner’s interest in a three-property affordable housing portfolio in Florida.