Red Oak Provides Bridge Loan on Brooklyn Apartments
Red Oak Capital Holdings, LLC has provided a $2.8-million bridge loan for the renovation and stabilization of 551 Albany Apartments, an eight-unit multifamily property located at 551 Albany Ave. in the East Flatbush neighborhood of Brooklyn. The financing will be used to refinance existing debt and complete remaining interior and exterior improvements to support full lease-up.
Provided under Red Oak’s Opportunistic Bridge Loan Program, the non-recourse, interest-only loan is structured with a 1-year initial term and a loan-to-stabilized value of 64.20%. The transaction was originated by Red Oak regional manager Stratos Athanassiades, underwritten by Thomas Gorski and administered by James Myatt.
“This project reflects the kind of thoughtful, design-forward investment we’re seeing more of in dense urban markets,” said Athanassiades. “The sponsor is delivering a boutique-scale asset that’s nearly rebuilt from the ground up within a submarket with consistently strong demand and minimal new supply. It’s a compelling setup for a fast and durable lease-up.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout