Financing Provided for Midwest Multifamily Development

Red Oak Capital Holdings, LLC recently provided a million bridge loan for the Bon Air Apartments, a multifamily complex situated at 21 West 16th Street in Indianapolis, Indiana. This financial assistance will be utilized to settle an existing loan and support the ongoing renovation of the Marion County property.

The loan features an 11.50% note rate, is interest-only, and has a two-year term with two possible 6-month extension options. The non-recourse debt makes up 54.4% of the property’s estimated stabilized value of .35 million.

Red Oak’s Regional Manager-Midwest Stratos Athanassiades, Senior Underwriter Thomas Gorski, and Senior Loan Administrator Jesus Martinez facilitated and underwrote the debt as part of the firm’s Opportunistic Bridge Loan Program. The deal was brought to Red Oak by Paul Meyer of Bristol Capital.

The borrower, 21 West QOZ, LLC, intends to use the funds to undertake a comprehensive renovation of the three existing buildings, transforming them into a high-end, luxury multifamily offering. Additionally, the plan includes the construction of a new ground-up building on an adjacent vacant parcel.

Don’t miss the opportunity to join key players and influencers in the multifamily industry on April 18 in Phoenix and Scottsdale. Register now to attend the Connect Phoenix Multifamily & Single-Family Build-to-Rent event at the Westin Kierland Resort & Spa. This is your chance to gain expert insights, network with industry leaders, and engage in discussions that are exclusive to this event.

spot_img

More from this stream

Recomended

Neobank Mercury launches personal banking services tailored for startups and entrepreneurs.

Attention, founders: Mercury wants to move into your personal orbit. The neobank designed for startups announced on Wednesday that it will open up its services for personal banking use for the first...

‘OTTera Forms Strategic Partnership with Personalization Tech Company Spideo’

OTTera, a Los Angeles-based company that provides tools for companies to...

“Texas Corporation Acquires Engineering Firm in Southwest Florida”

A Texas engineering and consulting services company has acquired GradyMinor, a civil engineering firm with two Southwest Florida offices and 75 employees. San Antonio-based Pape-Dawson Engineers is......

Celebrate the Earth in April with Brochu Walker

April is officially Earth Month, and what better to mark the month than with the super-chic, conscious luxury brand, Brochu Walker? Here’s the low-down on this...

CEO Discusses Q1 Results: Strong Performance with 16% Increase in Net Income

Article 0 Comments The Travelers Companies, Inc. today reported first quarter net income of $1.123 billion, up 16% compared to $975 million in the prior year quarter. Core income in the current...

Choosing the Best CFO Executive Search Firm for Your Business

If the past year has taught us anything, it’s that leadership matters. This is especially true among companies in the Digital Health, Life Sciences, FinTech, and Software & Technology sectors with the myriad challenges and opportunities presented by the pandemic. Whether you are bolstering your C-suite to support continued success and growth or seeking executives […]

The post Selecting the Right CFO Executive Search Firm for Your Company appeared first on Insights Success.