Finance W Minnesota

Oak Grove Capital closes $27 million acquisition loan for 297-unit apartment property near Minneapolis

stratford-wood

Oak Grove Capital recently originated a $27 million fixed-rate Fannie Mae loan to Oak Residential Partners, LLC, for the acquisition of Stratford Wood Apartments, a 297-unit market-rate multifamily property in Minnetonka, Minn.

Oak Grove Capital recently originated a $27 million fixed-rate Fannie Mae loan to Oak Residential Partners, LLC, for the acquisition of Stratford Wood Apartments, a 297-unit market-rate multifamily property in Minnetonka, Minn.

The garden-style complex is made up of 10 buildings, each containing four floors.

The fixed-rate loan has a 10-year term with four years of interest-only and seven years of yield maintenance, providing the borrower with much needed cash flow in the loan’s early years and an attractive loan payoff optionality.