Red Oak Capital Provides Bridge Loan for Historic DC Multifamily Property
Red Oak Capital Holdings, LLC has provided a $3.8 million bridge loan for the acquisition and renovation of The Wiltshire Apartments, a 17-unit multifamily community located on East Capitol Street NE in Washington, D.C.
Structured under Red Oak’s Opportunistic Bridge Loan Program, the non-recourse, interest-only financing included $3.10 million for acquisition and $500,000 for capital improvements. The loan features a two-year term and a loan-to-stabilized-value of 73.08%.
The deal was originated by Red Oak Regional Manager Nick Jans, underwritten by Thomas Gorski, and administered by James Myatt. The borrower, East Capitol 819, LLC—an affiliate of Claggion Capital Holdings—is a Northern Virginia-based investor that manages and repositions properties across the DC metro area.
The Wiltshire Apartments is a three-story, 11,700-square-foot building constructed in 1939. The property features a combination of one-, two-, and three-bedroom units. Renovations include updated kitchens and bathrooms, new fixtures, electrical and roofing repairs, hallway flooring, new landscaping, and select interior reconfigurations to add bedrooms.
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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