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Red Oak Financial Provides $3M Acquisition Loan for Metro D.C. Apartments
Michigan-based commercial real estate finance company Red Oak Financial has provided a $2.8 million loan for Hunt Manor, a 15-unit apartment community in Washington D.C.’s Deanwood area. The financing was used to acquire the asset and provide capital improvements that encompassed the conversion of market-rate apartments to affordable housing as part of the District of Columbia Housing Authority’s (DCHA) Housing Voucher Program.
The property was constructed in 1951 and consists of a building on a half-acre site at 4400 Hunt Place NE. The property consists of all three-bedroom, one-bath units, with residences averaging 660 square feet in size.
Renovations to the property included a full interior rehab, exterior paint and landscaping and each unit receiving its own washer/dryer, water tank and HVAC systems. The revitalization helped bring the property to 100% leased in four months.
The borrower was not disclosed.
For comments, questions or concerns, please contact David Cohen
- ◦Financing
