Red Oak Financial funded a $5.459 million fixed-rate bridge loan for the purchase of Deer Creek Apartments, a 111-unit multifamily complex in Topeka, Kansas. The property at 441 S.E. Winfield Ave., 430 S.E. Winfield Ave. and 426 S.E. Arter Ave. sits two miles from downtown Topeka.
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 new eight-unit building. The revitalization and expansion is expected to be completed by the fall of 2021.
Proceeds for the financing will allow the updates and renovations of Deer Creek Apartments to move ahead, as well as building the additional units. The property is situated in a burgeoning area east of the capital of Kansas. The location near a metropolitan market provides high visibility, complimentary properties and is bolstered by the stable existing operational history of a 100-percent-leased asset.
