Red Oak Capital Holdings, LLC, a Grand Rapids, Michigan-based commercial real estate finance company, provided capital for the acquisition and conversion of a vacated Kmart store located at 360 W. National Road in Englewood, Ohio.

The $5.5 million bridge loan will allow the borrower, United Storage 360, LLC, to acquire the property and convert it into an Extra Space Storage-branded self-storage facility. The loan will support the redevelopment of the roughly 85,000-square-foot building that was built in 1975 into a modern 60,000-square-foot self-storage facility containing 546 units.

Located northwest of Dayton, the facility is surrounded by industrial uses, multifamily complexes, and single-family residential developments. The sponsor plans to exit Red Oak’s bridge loan with permanent financing or a sale following the completion of renovations, which are scheduled for late 2023.