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Red Oak Financial Secures $3M Bridge Loan for Metro D.C. Apartments

Red Oak Financial has provided a $2.9 million bridge loan for Chesapeake Apartments, a 14-unit apartment community in Washington D.C.

The financing covers the renovation of existing units into 16-units of three-bedroom housing for the District of Columbia Housing Authority’s (DCHA) Housing Voucher Program. Terms of the loan included a one-year term and an 8% initial rate. The financing is part of Red Oak’s ESG Environmental, Social, and Corporate Governance initiative.

The undisclosed borrower already owns more than 20 multifamily properties in the Washington D.C. metro area.

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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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