Seniors Housing W Minnesota

Minnesota's Oak Grove Capital originates $15 million loan for seniors project

St. Paul, Minn.-based Oak Grove Capital recently originated a $15 million Freddie Mac fixed-rate loan for the refinance of Stafford Hill Assisted Living in Plymouth, Mass., by Northbridge Plymouth Assisted Living, LLC.

St. Paul, Minn.-based Oak Grove Capital recently originated a $15 million Freddie Mac fixed-rate loan for the refinance of Stafford Hill Assisted Living in Plymouth, Mass., by Northbridge Plymouth Assisted Living, LLC.

The 10-year loan, which amortizes over 30 years, refinanced construction financing used by the borrower to renovate a closed nursing facility into a 85-unit assisted living community, including 25 units of memory care. The facility is managed by the Northbridge Companies, a Boston-based group that develops, owns and operates senior communities in New England.

“We’re gratified to complete a newer company’s first GSE loan,” said Bill Kauffman, managing director of Oak Grove Capital’s Seniors Housing and Healthcare Group. “Freddie Mac recognized the depth of Northbridge’s senior housing expertise that prompted the development of a state-of-the-art assisted living community.”