St. Paul, Minn.-based Oak Grove Capital recently originated three HUD 223(f) loans totaling $55.64 million to refinance three market-rate apartment buildings in the Twin Cities area.
The loans were provided to Bigos Management for Eden Commons, Mallard Creen and Mears Park Place. Each of the three fixed-rate loans carries a 35-year term and amortization period.
Eden Commons in Eden Prairie, Minn., received $17.6 million of the financing. Mallard Creek in Golden Valley, Minn., received $13 million, while Mears Park Place in St. Paul received $24.9 million.
