The loan will allow the sponsor to expand the property from an 111-unit community into a 153-unit community, through the renovation and expansion of two buildings, as well as construction of a brand new eight-unit building.
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. Proceeds for the financing will allow the updates and renovations of Deer Creek Apartments to move ahead, as well as building the additional units.
The property is situated in a burgeoning area east of the capital of Kansas. The location near a metropolitan market provides high visibility, complimentary properties, and the stable existing operational history of a 100%-leased asset.
Copyright © 2021 Red Oak Capital Holdings. All rights reserved.