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Red Oak Capital Holdings Provides $9M in Refi, Redev Funds for Affordable Community in DC
Red Oak Capital Holdings has originated an $8.5-million bridge loan to refinance and rehabilitate a low-rise multifamily property located in northwestern Washington, DC. The 8th Street NW Apartments complex sits on a 0.34-acre site that has been designated as an Opportunity Zone.
The borrower will use the funds to refinance nearly $6.5 million of existing debt and complete the restoration of the property.
“A growing number of investors are having a difficult time getting their business plans over the finish line, with the current state of the debt market, rising interest rates and the retreat of traditional capital sources from the field,” said Gary Bechtel, Red Oak Capital Holding’s CEO. “We were comfortable with the property, its location and its prospects based on the investor’s business and exit plan.”
The three-story community in DC’s Brightwood Park contains 41 three-bedroom, one-bath units for lease through the Housing Choice Voucher Program.
Red Oak Capital Holdings is a group of commercial real estate capital entities that lends and invests on commercial real estate, raising capital through retail and institutional channels.
- ◦Development
