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Washington DC  + DC  + Apartments  |  June 4, 2021
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By: David Cohen

Red Oak Arranges $10M Acquisition Loan for D.C. MF Property

Michigan-based commercial real estate finance company Red Oak Financial has secured a $9.6 million acquisition and renovation loan for a 42-unit multifamily property in Washington D.C.

The building is comprised of 22 two-bedroom units, and 21 one-bedroom, one-bathroom units. The buyer intends to completely renovate the property into 49 two and three-bedroom units, including adding seven units on the lower level. Construction is set to begin immediately and is slated be completed in six months. The property is located at 4303-4313 Wheeler Road.

Red Oak provided a one-year loan with an interest rate of 10%, structured with an 8% pay rate and 2% accrual rate. Upon completion, it will be stabilized using the DCHA’s voucher program, which provides rental assistance to low-income families in the Washington D.C. area. The borrower was undisclosed.

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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