Red Oak Capital Holdings, LLC has recently closed a $4 million bridge loan for the Bon Air Apartments in Indianapolis, Indiana. The multifamily complex is located at 21 West 16th Street and will undergo renovations with the funds from this loan.
The interest-only loan features an attractive note rate of 11.50% and a two-year term with options to extend for an additional six months twice. This non-recourse debt makes up approximately 54.4% of the property’s estimated stabilized value of $7.35 million.
Leading Red Oak’s Midwest team are Regional Manager Stratos Athanassiades, Senior Underwriter Thomas Gorski, and Senior Loan Administrator Jesus Martinez who originated and underwrote this debt through their Opportunistic Bridge Loan Program. The deal was brought to Red Oak by Paul Meyer from Bristol Capital.
The borrower behind this transaction is known as “21 West QOZ” which plans on utilizing these funds towards renovating three existing buildings into high-end luxury apartments while also constructing a new building on an adjacent vacant parcel.
This financing news comes directly from Red Oak Capital Holdings without any mention or reference to Connect CRE or its affiliates in Los Angeles or Texas.
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