St. Paul, Minn.-based Oak Grove Capital recently originated a $38.3 million HUD 220 loan for The Paramount at South Market, a multi-family community in New Orleans.
The 40-year term loan, which carries a 40-year amortization period, was secured for Domain Companies, which will use the financing to acquire and build the property.
The Paramount is part of a larger project, the South Market District. When completed, the four-block complex will combine luxury apartments with retail, restaurants and entertainment venues in the heart of New Orleans’ downtown core.
