**Red Oak Capital Holdings Provides $5.75M Refi for Oklahoma City Multifamily Asset**
Red Oak Capital Holdings, LLC has provided a $5.75 million bridge loan for the Penn Grand Apartments, a 105-unit garden-style multifamily community located in Downtown Oklahoma City.
The financing was originated under Red Oak’s Opportunistic Bridge Loan Program and will enable the sponsor to retire existing debt and fund capital improvements for the units impacted by a recent fire incident at the property.
The two-year, interest-only loan carries a rate of 10.50% and a Loan-to-Stabilized Value (LTSV) of 61.36%. The transaction was originated by Nick Jans, Regional Manager at Red Oak, in collaboration with Senior Underwriter Thomas Gorski and CRE Loan Administrator James Myatt. Sean Reilly of Regions Bank brokered the deal on behalf of the borrower, Gideon Properties, a distressed asset investor managing a portfolio of 116 properties valued at $60 million.
Built in 1972, Penn Grand Apartments sits on 3.7 acres at 3720 S. Pennsylvania Avenue in Oklahoma City. The 94.2% occupied property comprises one- and two-bedroom units spread across 14 two-story buildings, and offers a total of 109 parking spaces.
**Upcoming Event**
Don’t miss the Lifetime Achievement Award Presentation and Keynote Interview with Greg Mutz, Chairman & CEO of Amli Residential Partners, LLC, moderated by Fred Schreiber, Chief Operating Officer. The event will take place at Connect Midwest Multifamily on June 4, 2025, at The Midland Hotel in Chicago, IL. Attend to network with leading industry peers and gain insights from top executives. Register today to secure your spot.
