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.