Chicago & Midwest + Midwest + Finance | November 17, 2020

Red Oak Funds Bridge Loan for Topeka Apartments

Red Oak Financial has funded a $5,459,000 fixed-rate bridge loan for the purchase of Deer Creek Apartments, a 111-unit multifamily complex in Topeka, KS. The loan will allow the sponsor to expand the property into a 153-unit community, through both renovation and expansion of two buildings and construction of a brand new eight-unit building.

Red Oak’s Gary Bechtel said, “Real estate fundamentals of the market indicate capital allocations into Topeka are both sound and strategic. Red Oak was drawn to this opportunity based on the experienced sponsor’s track record for revitalizing value-add properties, along with its portfolio of high performing assets and balance sheet.”

The property is situated in a burgeoning area east of the capital of Kansas. The location near a metropolitan market provides high visibility and complementary properties, and is bolstered by the stable existing operational history of a 100%-leased asset.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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