Red Oak Capital Holdings has funded a $2.84 million bridge loan to support the acquisition and repositioning of Linn Apartments, a 43-unit multifamily property in Indianapolis.

The interest-only loan was structured under Red Oak’s Opportunistic Bridge Loan Program and features an 18-month initial term and a loan-to-stabilized value of 55.70%. Red Oak Regional Manager Stratos Athanassiades originated the transaction, with underwriting led by Thomas Gorski and administration by James Myatt.

The sponsor is a repeat Red Oak borrower and experienced investor in the Indianapolis market, and through their affiliated company, Midwest Living Management, the sponsor oversees more than 725 units and commercial assets throughout Metro Indianapolis.

Linn Apartments contains 43 one- and two-bedroom units in three two-story buildings on 1.55 acres at 255 E. Southern Ave. Built in 1963, the Class C property was approximately 65% occupied at closing. The sponsor’s business plan includes interior renovations to modernize unit finishes.

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