Red Oak Capital Holdings, LLC has granted a loan of $4.55 million to Eagle Crest Village Apartments in North Bend, Oregon. The purpose of the funds is to pay off existing debt and complete renovations on the garden-style apartment complex, which consists of 98 units.
Situated on eight acres at 3959 Sheridan Avenue, Eagle Crest Village Apartments was originally built in 1957 as a residential care facility. However, with an investment of over $2.3 million from the sponsor, it has been converted into a multifamily property. The sponsor plans to manage and hold onto this community for the long term after refinancing through conventional means.
According to Dave Christensen, Red Oak’s Regional Manager-West: “Although this conversion may not be traditional, our sponsor brings four decades worth of experience in acquiring and renovating real estate assets.”
The non-recourse loan comes with an interest rate of 11% and is set for three years under Christensen’s origination efforts while being managed by Hermann Wendorff (Senior CRE Underwriter) and Jesus Martinez (Senior CRE Loan Administrator). Peter Breen from LendingStandard brought this deal forward on behalf of their client who is also a real estate investor.
This news was first reported by Connect CRE.
