St. Paul, Minn.-based Oak Grove Capital has originated $7.9 million in Fannie Mae Standard GSE debt financing for a three-property market-rate housing portfolio in Minnesota and Wisconsin.
The loan, which was provided to Boisclair Corporation, was used to refinance three existing market rate apartment communities, River Place Apartments and Riverside Apartments in River Falls, Wis.; and Pleasant Ridge in Red Wing, Minn.
To secure the 10-year loan with a 30-year amortization period, Oak Grove Capital used Fannie Mae’s standard GSE product, leveraging the transaction to allow the borrower to complete, create and repair escrow for property improvements over the next 12 months.
