Red Oak Capital Holdings, LLC funded a $2.84 million bridge loan to support the acquisition and repositioning of Linn Apartments, a 43-unit multifamily property on the Near South Side of Indianapolis.
The interest-only loan was structured under Red Oak’s Opportunistic Bridge Loan Program and features an 18-month initial term and a loan-to-stabilized value (LTSV) of 55.70%.
Red Oak Regional Manager Stratos Athanassiades originated the transaction, with underwriting led by Thomas Gorski and administration by James Myatt. The sponsor is a repeat Red Oak borrower and experienced investor in the Indianapolis market, with a proven track record of multifamily repositioning and lease-up strategies. Through their affiliated company, Midwest Living Management, the sponsor oversees more than 725 units and commercial assets throughout Metro Indianapolis.
Linn Apartments contains 43 one- and two-bedroom units in three two-story buildings on 1.55 acres at 255 E. Southern Ave. Built in 1963, the Class C property was approximately 65% occupied at closing, allowing the sponsor to begin renovations immediately upon acquisition. Located in the Garfield Park neighborhood, the asset benefits from proximity to major demand drivers such as Eli Lilly’s corporate campus, the University of Indianapolis, and IUPUI, as well as nearby parks, shopping, and dining.
The sponsor’s business plan includes interior renovations to modernize unit finishes and reposition rents in line with submarket standards. Upon stabilization, the borrower plans to refinance into agency debt, consistent with their exit strategy on previous transactions with Red Oak.
