St. Paul, Minn.-based Oak Grove Capital recently originated a $6.56 million Fannie Mae affordable loan for the acquisition of Tierra Vista, a 152-unit multi-family community in Kissimmee, Fla.
The 10-year fixed-rate loan (two years interest-only with a 30-year amortization thereafter) was provided to Cohen & Associates, LLC to acquire an existing bond-financed affordable housing property.
“We worked to provide options and flexibility as the terms of the acquisition changed,” said C.W. Early, vice president of affordable housing at Oak Grove Capital. “The purchase price and proposed rehab were moving targets, so we adjusted on the fly to meet the original closing deadline.”
“Oak Grove did a fantastic job from start to finish in providing us with a FNMA loan on our recent acquisition in Florida,” said Per Gidi Cohen, president of Cohen & Associates, LLC. “They were able to approve our loan within our due diligence period and their team coordinated a very complex closing that included the payoff of affordable housing bonds.”
