Red Oak provided $8,000,000 in financing under its Opportunistic Bridge Loan Program. The debt was structured with a fixed note rate of 11.00% and a two-year term with two 6-month renewal options. The interest-only loan represents 51.71% of its “As-Dark” valuation of $15.47 million, and 33.47% of its “As-Stabilized” value of $23.90 million.
The borrower will use the proceeds of the Red Oak loan to pay off $5.8 million in outstanding debt and complete the space planning and permitting of the property. The subsequent build-out will require additional funds, which will come from either Red Oak or another lender.
