Red Oak provided an $8,500,000 bridge loan with a 12-month term and two six-month renewal options. The borrower will use the funds to pay off the existing debt and complete the asset’s rehabilitation, which was already 40% completed at the time of closing.
The three-story property was originally built in 1927 with 38 studio and one-bedroom units respectively averaging 375 and 625 square feet. The developer has already converted unutilized storage space into three new units of about 900 square feet. When work is completed next year, it will contain 41 three-bedroom, one-bath units averaging 750 square feet. Upgrades include new flooring, countertops, cabinets, lighting, HVAC system, bathrooms, and an all-new appliance package and stackable washer/dryers in each unit.
