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Oak Grove Gets $11M for Lyndale

ST. PAUL—Oak Grove was able to obtain a waiver to HUD's “3-year rule” and structure a long-term, fixed-rate FHA loan for the apartment community.

By Brian J. Rogal | Updated on April 10, 2014

ST. PAUL—Oak Grove Capital, a provider of real estate financial services, recently originated an $11.1 million FHA 223(f) loan for Lyndale Plaza Apartments, a 94-unit affordable housing community in suburban Richfield. The 35-year, fully amortizing loan was used to repay existing debt and obtain a fixed interest rate.

Lyndale Plaza Apartments is a class A property with 20% of its units set aside for low income tenants. Completed in November 2012, the original financing package included 4% tax credits, tax increment financing through the city of Richfield and a floating-rate tax exempt bond issuance from the state of Minnesota, company officials say.

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