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The security for the loan consists of a two-building industrial complex containing 472,903 square feet of net rentable area situated on 91.10 acres. The property in located in Witchita Fallas, TX approximately 100 miles northwest of Dallas, TX.

LTV/Stabilized Value: 47.03% $8,160,000 Southwest
Bridge Loan $5,642,000 Mid-Atlantic
Bridge Loan $1,655,000 Southeast
75% LTV $2,831,250 Southwest
73% LTV $6,600,000
Refinance $6,825,000

Red Oak delivered $5,615,000 in acquisition financing for an existing 25-bed acute care hospital campus located in Plymouth, NC. The facility at 958 US-64 includes an additional four medical office buildings, two general office buildings, and an additional 16 acres of land, or out-parcels, available for future development.

The facility was acquired from the federal court system, which controlled the property and had assigned the management of asset to Affinity Health Partners. The borrower is an experienced national healthcare management provider, which had been managing and operating the facility for the past nine months.

Bridge Loan $5,615,000 Southeast
(PRO) Nothing to display (PRO) Nothing to display

The security for the loan consists of a two-building industrial complex containing 472,903 square feet of net rentable area situated on 91.10 acres. The property in located in Witchita Fallas, TX approximately 100 miles northwest of Dallas, TX.

LTV/Stabilized Value: 47.03% $8,160,000 Southwest
Bridge Loan $5,642,000 Mid-Atlantic
Bridge Loan $1,655,000 Southeast
75% LTV $2,831,250 Southwest
73% LTV $6,600,000
Refinance $6,825,000

Red Oak delivered $5,615,000 in acquisition financing for an existing 25-bed acute care hospital campus located in Plymouth, NC. The facility at 958 US-64 includes an additional four medical office buildings, two general office buildings, and an additional 16 acres of land, or out-parcels, available for future development.

The facility was acquired from the federal court system, which controlled the property and had assigned the management of asset to Affinity Health Partners. The borrower is an experienced national healthcare management provider, which had been managing and operating the facility for the past nine months.

Bridge Loan $5,615,000 Southeast

Red Oak provided $1,733,750 in financing to purchase and rehabilitate a three-story 40,000-square-foot office building located in Homewood, AL in the Birmingham market. The property at 85 Bagby Dr.is a multi-tenant general use office, located just off Hwy I-65 in the market’s CBD. The buyer is an experienced property developer and manager. The building was 80% occupied and will undergo regular updating and renovations to bring it up to a Class A/B building. The borrower expects occupancy to hit 100% withing six months. The site is located directly across the street from a new $21-million public safety building, which will house all public safety departments. Conventional financing was not available for the property as a result of maintenance and upgrades needed, as well as the high vacancy. Red Oak understood that the asset performance however was strong, with a net operating income of $243,541 and an expected DSCR of 1.25. The borrower’s exit strategy is to obtain conventional financing after the rehabilitation and stabilization is completed, in approximately 6 to 8 months.

Bridge Loan $1,733,750
75% LTV $2,831,250 Southwest
69% LTV $1,385,000 Midwest
Bridge Loan $1,655,000 Southeast