**Red Oak Capital Holdings Provides $1.5M for Norfolk Multifamily Repositioning**
Red Oak Capital Holdings, LLC has announced the funding of a $1.5 million loan to support the acquisition and redevelopment of 32 Fenner Apartments, a 32-unit garden-style multifamily property located in Norfolk, Virginia.
The property, situated at 7428 Tidewater Drive, was previously used for government housing and currently sits vacant. Comprising 32 one- and two-bedroom units across three two-story buildings, the asset was acquired on a discounted basis from the City of Norfolk by Community Investment Group. The experienced multifamily investment firm plans a full-scale renovation and repositioning of the community. Community Investment Group currently owns 28 properties totaling nearly 3,500 units across Virginia, Georgia, North Carolina, and Tennessee, with a combined value of approximately $164 million.
Renovation plans include extensive interior upgrades such as new flooring, modern appliances, drywall repairs, fresh paint, and updated lighting fixtures. Exterior improvements will consist of roof and gutter repairs, masonry restoration, resurfaced parking areas, enhanced landscaping, upgraded security features, and the addition of a new playground.
Upon completion and stabilization of the asset, the borrower intends to refinance the loan through a permanent banking solution.
