OAK GROVE SECURES $17.9M IN FINANCING FOR MINNESOTA PROPERTIES

ST. PAUL, MINNEAPOLIS AND MANKATO, MINN. — Oak Grove Capital has originated $17.9 million in FHA financing for the National Foundation for Affordable Housing Solutions. The loans will be used for the acquisition and rehabilitation of three affordable housing complexes in Minnesota: Seward Square Apartments in Minneapolis, Lewis Park Apartments in St. Paul and Eastport Apartments in Mankato. Each loan included the use of tax-exempt bonds and Low Income Housing Tax Credits. The fixed-rate HUD 221(d)(4) loans carry a 12-month construction period, plus a 40-year term. The 81-unit Seward Square development received $6.5 million in financing. The 103-unit Lewis Park complex received $7.8 million. The remaining $3.6 million went to the 78-unit Eastport Apartments community. The financing will be used to renovate and preserve the three long-term affordable housing projects originally constructed in the late 1970s.