Red Oak Capital Holdings, LLC provided a $9.225-million bridge loan for Ridge Avenue Apartments, a newly completed residential community in Philadelphia. The loan paid off the construction loan and funded the project’s final phase, bringing it to completion.

Underwritten under Red Oak’s Opportunistic Bridge Loan Program, the two-year, interest-only loan has an LTSV of 55.64%. The borrower, Echo Philly Properties, LLC, is an entity owned 60% by Vich Properties LLC, a Philadelphia-based real estate development and management firm specializing in high-end residential projects throughout the region.

Located at 1614-1620 Ridge Avenue, the five-story property consists of 32 luxury one- and two-bedroom units, along with 8,000 square feet of ground-floor retail, high-end finishes, and premium amenities including off-street parking, a fitness center, and rooftop terrace. The sponsor is leveraging Philadelphia’s 10-year real estate tax abatement program, enhancing the project’s long-term value. Upon stabilization, Echo Philly plans to retire the bridge loan with a permanent loan or proceeds from the sale of the property. The neighborhood is undergoing rapid redevelopment, shifting from a mixed industrial area into a vibrant residential community.