OAK GROVE ORIGINATES $33M LOAN FOR CHICAGO APARTMENT COMMUNITY

CHICAGO, ILL. — Oak Grove Capital has originated a $33 million Fannie Mae loan to refinance Fox Valley Villages, a 420-unit apartment community in Chicago. The adjustable-rate loan provides the borrower 75 percent leverage with one year of interest-only payments. The loan carries an interest rate that floats at a spread of 2.36 percent over LIBOR.