Red Oak Capital, a Michigan-based commercial real estate finance company, has completed four acquisition loans totaling $11.3 million in Georgia, Ohio, and Louisiana.
The transactions involve five properties, including Executive Plaza in New Orleans; The Dean Place Apartments in Dayton, Ohio; Executive Office Park and Greenbriar Office Park in Atlanta; and Airport Office Park in East Point, Georgia.
“Red Oak continues to deploy capital into commercial real estate assets that meet our lending criteria…,” said Gary Bechtel, chief executive officer. “We are currently sourcing more than $300 million in new deal flow per month, which enables us to select and fund on properties across the U.S. with sophisticated sponsors we are confident will execute on an investment and repositioning strategy that breathes new life into these assets.”
Executive Plaza in New Orleans
Red Oak completed a $5.25 million bridge loan for a 114,100-square-foot, 11-story, Class C office building in New Orleans. The sponsor plans to make the capital improvements and repairs designed to attract new tenants and increase occupancy. There are several retail amenities in the nearby area providing food, office supplies and technology support.
Airport Office Park in Georgia
Red Oak completed a $2.81 million bridge loan for the acquisition of Airport Office Park, a 68,340-square-foot, Class C office complex in East Point, Georgia, a suburban Atlanta market. The property has access to Interstates 285, 75, and 85, Hartsfield International Airport, and Camp Creek Marketplace, a destination retail center that includes a Target, Lowe’s, and Staples. Red Oak noted that the property’s market rent trend has outperformed the Atlanta average over the past few quarters.
Executive Office Park and Greenbriar Office Park in Georgia
Red Oak completed a $1.69 million bridge loan for the acquisition of Executive Office Park, a 34,300-square-foot property situated on a 5.6-acre site, and Greenbriar Office Park, a 34,300-square-foot property situated on a 4.5-acre site in Atlanta. Both office properties are Class C quality and are located in the North Clayton/Airport submarket with Hartsfield International Airport less than 10 miles away.
Dean Place Apartments in Ohio
Red Oak completed a $1.5 million bridge loan for the acquisition of Dean Place Apartments, a 34-unit apartment building in Dayton, Ohio. The buildings are comprised of six one-bed, one-bath units and 28 two-bed, one-bath units that average 854 square feet. The property is near the University of Dayton, transportation corridors, and bus routes.
Red Oak Capital Holdings is a family of commercial real estate finance and investment companies that includes Red Oak Financial, Red Oak Holdings Management, and Red Oak Capital.