• Bridge Loan
  • 1-year term
  • 11% Initial Rate
  • Southeast Multifamily

Multifamily Apartment Bridge Loan in Alexandria, KY

The subject property consists of a 4-building, 2-story apartment complex built in phases between 1977, containing 33 dwelling units, (21,018 square feet NRA) on a 3,860-acre parcel of land. The property is located at 2 Willow Run Street, Alexandria, Kentucky 41001 and situated in Campbell County. Building construction consists of a wood frame, brick masonry exterior, composition shingle roofs, and concrete slab foundations. The property is currently 100.0% leased on an economic occupancy basis and 100% leased on physical occupancy basis.

The new Red Oak Capital Loan has a face amount of $1,655,000 for a term of 1-year. The fixed rate loan will be set at 11.00% with a 1% Accrual in the event the Borrower takes the 1-year extension option in month 12 and again in month 18. There will be 6 months of interest Reserve and 6-months in a CRA Account.

The upfront lender fee is 4% and the Exit Fee is 2%. This provides a Par Bond Yield of approximately 19.64% in year one.