Red Oak Capital Holdings, LLC, a Grand Rapids, Michigan-based commercial real estate finance company provided capital for the acquisition and conversion of a vacated Kmart store located at 360 W. National Road in Englewood Ohio. The $5.5 million bridge loan allowed the borrower United Storage 360 LLC to acquire the property and convert it into an Extra Space Storage-branded self-storage facility supporting redevelopment of roughly 85,000 square feet building that was built in 1975 into modern 60,000 square foot self storage facility containing 546 units.
Located northwest of Dayton this facility is surrounded by industrial uses multifamily complexes and single family residential developments with plans to exit Red Oak’s bridge loan with permanent financing or sale following completion of renovations scheduled for late 2023. Expertly crafted financing from Red Oak Capital Holdings enabled acquisition and conversion providing necessary funds for successful transition from vacant Kmart store to Extra Space Storage branded self storage facility in Englewood Ohio near Dayton area offering 546 units upon completion late 2023
