Red Oak Capital Holdings, a Grand Rapids, MI-based commercial real estate finance company, has provided a $2.65 million bridge loan to purchase and refurbish a 12-unit garden apartment complex in Washington D.C.’s Deanwood neighborhood. The loan will provide approximately $300,000 for capital improvements and closing costs.
Located at 4725 Minnesota Ave NE, all 12 renovated apartments will feature three-bedroom one-bath layouts of approximately 800 square feet each and be leased under the Housing Choice Voucher Program (HCVP).
The borrower is an experienced private investor with knowledge of the region’s subsidized housing market who has had success acquiring renovating leasing and refinancing multifamily real estate in this area before; Red Oak having worked with them on six occasions already according to Gary Bechtel CEO of Red Oak: “We’ve also had great success in lending on properties under the District of Columbia’s HCVP program which all but guarantees rental subsidies.”
This project marks another successful venture into affordable housing financing for Red Oak Capital Holdings as they continue their commitment to providing quality living options across America while helping investors achieve their goals through creative financing solutions tailored specifically for each situation.
