Red Oak Financial, a Michigan-based private equity company, funded a $5.5 million fixed-rate bridge loan for the purchase of Deer Creek Apartments, a 111-unit multifamily complex two miles from downtown Topeka, Kansas.
The loan will allow the sponsor to expand the property into a 153-unit community, through the renovation and expansion of two buildings, as well as construction of a brand new eight-unit building. The renovation and expansion is slated for completion by Fall 2021.
Red Oak Capital Holdings Company is a family of commercial real estate finance and investment companies that includes Red Oak Financial and Red Oak Capital LLC.
Red Oak Financial is a private equity fund company that originates, underwrites and services short-term commercial real estate loans for sponsors seeking $1 million to $15 million. The company has underwritten more than $3 billion in commercial assets in the past 10 years.
Red Oak Capital LLC is an affiliated investment strategies company that is focused on raising funds through broker-dealers, registered investment advisors, family offices and private high-net-worth investors. The company sponsors non-traded direct investment products, including Red Oak Capital Fund IV, a $50 million Regulation A+ bond offering that launched in February 2020.