Yes, Ferndale is a street/road. Generally, when people refer to "Ferndale", they are referring to an area of Wayzata that has beautiful homes, many of which are on Lake Minnetonka. Of course, there are lake side and non-lakeside. It also has a Ferndale Community feel to it. That is the South Ferndale Rd.
There are many homes that have historic value ,too. I believe that some "old" families from MInneapolis-St Paul had homes there and some may still be standing. (I'd like to think so.)
There is North Ferndale Rd. which runs up NW of Wayzata , past Excelsior Blvd to Cty Rd 6, where it ends It also has nice homes, but not to the magnitude of South Ferndale. I imagine you were referring to the latter.