Red Oak Capital Holdings, LLC, has provided a $5.75-million bridge loan for the Penn Grand Apartments, a 105-unit garden-style community located in Downtown Oklahoma City.

The financing, originated under Red Oak’s Opportunistic Bridge Loan Program, will allow the sponsor to retire the existing debt and complete capital improvements on the remaining units impacted by a recent fire at the property.

The two-year, interest-only loan features an all-in rate of 10.50% and an LTSV of 61.36%. Red Oak Regional Manager Nick Jans originated the loan alongside Senior Underwriter Thomas Gorski and CRE Loan Administrator James Myatt. Sean Reilly of Regions Bank brokered the transaction on behalf of the borrower, Gideon Properties, a distressed asset investor with a $60-million, 116-property portfolio.

Originally built in 1972, Penn Grand Apartments is located on 3.7 acres at 3720 S. Pennsylvania Avenue. The 94.2%-occupied property features a mix of one- and two-bedroom units in 14 two-story buildings with 109 parking spaces.

Don’t miss the Lifetime Achievement Award Presentation and Keynote Interview with Greg Mutz, Chairman & CEO of Amli Residential Partners, LLC and Keynote Interviewer Fred Schreiber, Chief Operating Officer at Connect Midwest Multifamily on June 4, 2025, at The Midland Hotel, Chicago, IL. Register Today to network with your peers!