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.