RRA Capital, a leading investment firm specializing in CRE bridge loans, has announced the successful closing of a $20.6 million nonrecourse, interest-only loan for the acquisition of a 252-unit apartment property in Oklahoma City that is now set to undergo extensive renovations.
The property, located at 11239 N. Pennsylvania Ave., was built in the 1970s and features one- and two-bedroom units. The borrower, Jonathan Lewis of GreenLite Holdings, is a repeat sponsor and plans to use the loan to fund the property’s acquisition and renovations, which will result in substantial water and energy savings with Google Nest Learning Thermostats, a refashioned pool and clubhouse, upgraded appliances, new flooring, lighting, plumbing, windows, and more.
Renovations are expected to begin immediately at the property. RRA’s loan will bridge the borrower through the property’s renovation and lease-up period.
“We are extremely pleased to have a completed deal with RRA C
