Red Oak Capital Holdings Provides Acquisition Financing for Norfolk MF
Red Oak Capital Holdings, LLC has provided $1.5 million for the acquisition and repositioning of 32 Fenner Apartments, a 32-unit garden-style community located in Norfolk, Virginia.
Previously used for government housing, the vacant property consists of 32 one- and two-bedroom units contained in three two-story buildings located at 7428 Tidewater Drive. The borrower, Community Investment Group, acquired the asset on a discounted basis from the City of Norfolk and plans a full renovation. The multifamily investment firm currently owns 28 communities with nearly 3,500 units across Virginia, Georgia, North Carolina, and Tennessee, valued at approximately $164 million.
Plans call for new flooring, appliances, drywall repairs, paint, and updated lighting. Exterior improvements will include roof and gutter repairs, masonry work, parking lot resurfacing, landscaping, and the addition of security features and a new playground. Upon stabilization, the borrower plans to exit the Red Oak loan through a permanent bank refinance.
Other News
Affinius Lends $226M on Newly Completed Brooklyn Rental Tower
Affinius Capital LLC has originated a $226-million loan to refinance 55 Willoughby (marketed as House 55), a Class A, 295-unit, 43-story multifamily property with 3,200 square feet of ground-floor retail located in Downtown Brooklyn. The loan was made to a joint venture between Lonicera Partners and Rabina. Proceeds will bridge the property to stabilization early...
Learn more
Northmarq Arranges $17M Sale, $14M Acquisition Financing for Omaha MF
Northmarq’s Midwest Multifamily Investment Sales team of Parker Stewart, Anthony Martinez, Dominic Martinez and Alex Malzone, with Jim Gibson, brokered the $9.4 million sale of Southfield Apartments. The 84-unit multifamily complex was built in 1993 and is located at 7009 S 83rd St. in La Vista, Nebraska. Northmarq represented the seller, an Omaha-based private investor in...
Learn more
Boutique Arlington Heights Apartments Sell for $25M
JLL has arranged the $25 million sale of FourNorth Apartments, a 76-unit boutique apartment community in Arlington Heights, Illinois. JLL worked exclusively on behalf of the seller, Benchmark Developers, in the sale of the property to a private investor. JLL’s Capital Markets Investment Sales and Advisory team representing the seller was led by Bill Baumann,...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout