Washington DC CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Red Oak Provides $3M Bridge Loan for DC Affordable Housing Project
Red Oak Provides $3M Bridge Loan for DC Affordable Housing Project
Red Oak Capital Holdings, a Grand Rapids, MI-based commercial real estate finance company, has provided a $2.65 million bridge loan to purchase and refurbish a 12-unit garden apartment complex in Washington D.C.’s Deanwood neighborhood. The loan will provide approximately $300,000 for capital improvements and closing costs.
Located at 4725 Minnesota Ave NE, all 12 renovated apartments will feature three-bedroom, one-bath layouts of approximately 800 square feet each. All units will be leased under the Housing Choice Voucher Program.
The borrower is a private investor with experience in the region’s subsidized housing market. “This represents the sixth time Red Oak has worked with this borrower, who has a proven track record of acquiring, renovating, leasing and refinancing multifamily real estate,” said Gary Bechtel, Red Oak’s CEO. “We’ve also had great success in lending on properties under the District of Columbia’s housing voucher program, which all but guarantees rental subsidies.”
