Refi Wave Continues in Minnesota

ST. PAUL—In mid-July, GlobeSt.com wrote about how the increase in US interest rates had altered the world of mortgage refinance in the Twin Cities, pushing up activity in the multi-family market. Ken Dayton, managing director at St. Paul-based Oak Grove Capital, said that “when interest rates move 100 to 125 bps it sets off kind of a shockwave.”

“It’s still very active,” he now says. The national lender recently originated 11 loans totaling $89.5 million for affordable, market rate, and seniors housing facilities across the United States. The deals, which range from $15.2 million to $3.85 million, all closed between July 16, 2013 and August 6, 2013. In addition, between June 13 and July 1, 2013, the firm originated $80.3 million in financing for six affordable and market-rate multifamily housing developments in Minnesota.