**Red Oak Capital Holdings Provides $2.84M Bridge Loan for Indianapolis Multifamily Asset**
Red Oak Capital Holdings has issued a $2.84 million bridge loan to facilitate the acquisition and repositioning of Linn Apartments, a 43-unit multifamily community located in Indianapolis.
The interest-only loan was arranged under Red Oak’s Opportunistic Bridge Loan Program. It features an initial term of 18 months and carries a loan-to-stabilized value ratio of 55.70%. The financing was originated by Stratos Athanassiades, Regional Manager at Red Oak, with underwriting led by Thomas Gorski and administrative oversight by James Myatt.
The borrower is a repeat client and seasoned investor in the Indianapolis market. Through their affiliated company, Midwest Living Management, the sponsor manages over 725 residential units and commercial properties throughout the greater Indianapolis area.
Linn Apartments includes a mix of one- and two-bedroom units spread across three two-story buildings situated on 1.55 acres at 255 E. Southern Avenue. Originally built in 1963, the Class C property was 65% occupied at the time of closing. The sponsor’s business plan includes a comprehensive renovation to update and modernize the apartment interiors.
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