Red Oak Capital Holdings, LLC has provided $7.70 million in financing for Ocean Shores Apartments, a 128-unit garden apartment community in D'Iberville, MS. The debt was written under the firm’s Core Plus Bridge Loan Program, a fixed-rate product for institutional-quality assets in transition. The funds will be used to acquire and complete renovations on the Gulf Coast property, which currently operates under the Low-Income Housing Tax Credit program.

The interest-only loan has a two-year term with two extension options of six months each. The non-recourse loan carries an all-in rate of 9.50% and represents loan-to-stabilized-value of 62.60%. Red Oak’s Jeff Joyner, Regional Manager-Southeast; Hermann Wendorff, Senior Underwriter; and Jesus Martinez, Senior Loan Administrator, originated and underwrote the loan, which was brought to the company by Craig Hall form CBRE Capital Markets.

Situated on nearly 11 acres in the Gulfport-Biloxi MSA, Ocean Shores Apartments consists of 10 buildings and features such amenities as a clubhouse, outdoor pool, picnic areas, sand volleyball court and 256 parking spaces. Renovation plans for the 94% occupied gated community include new flooring and paint, as well as HVAC maintenance, reglazing existing kitchen countertops and replacing appliances in a majority of the units.