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Red Oak Capital Holdings provides bridge loan for garden apartment refurbishment
Red Oak Capital Holdings, a commercial real estate finance company based in Grand Rapids, Mich., has provided a $2.65 million bridge loan for the purchase and refurbishment of a garden apartment community in Washington, D.C.
The borrowing entity, 4725 Minnesota Ave. NE, is led by a private investor who owns and manages more than 25 multifamily properties in the Mid-Atlantic. The sponsor is a specialist in the region’s subsidized housing market.
Constructed in 1965, the three-story, 9,600-square-foot property sits on a quarter acre of land within the Deanwood neighborhood of upper northeast Washington, D.C. After the upgrades, all 12 of the renovated apartments each will feature three-bedroom, one-bath layouts of 800 square feet, with all-new appliance packages, flooring, bathrooms, bedrooms and living areas.
“This represents the sixth time Red Oak has worked with this borrower, who has a proven track record of acquiring, renovating, leasing and refinancing m