Red Oak Capital Holdings Grants $2.3M Bridge Loan For Templecliff Apartments In Dallas
1234 Templecliff Drive
$2,300,000
$106/SF
Building Size
21,630 SF
Asset Type
MultiFamily
Closing
Aug 16, 2023
AI
The owner of Templecliff Apartments in Southeast Dallas has secured a $2.3 million bridge loan from Red Oak Capital Holdings. The loan will be used for a capital improvement program aimed at enhancing the property's value and market appeal. The multifamily property spans over 21,630 square feet and sits on a 1.2-acre lot.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $2,300,000
- Address: 1234 Templecliff Drive, Dallas
- Market: Dallas
- Loan Type: Bridge Loan
- Loan Terms: note rate of 10.00 percent and a 12-month term with two six-month renewal options
Red Oak Capital Holdings, represented by Gary Bechtel and Nick Jans, acted as the lender in this transaction. Their expertise and financial support have allowed the borrower to pursue their capital improvement plans. The bridge loan presents an opportunity for the owner to enhance the property's value and attract a wider range of potential tenants.
Players
Market MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
6.90%
Cash-on-Cash
-1.97%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93