Red Oak Capital Holdings Provides $2.84M Bridge Loan For Linn Apartments In Indianapolis

The asset involved in this transaction is Linn Apartments, a 43-unit Class C multifamily property located at 255 East Southern Avenue, Indianapolis, IN, encompassing 1.55 acres.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $2,840,000
• Loan Type: Bridge
• Loan Terms: 18-month, interest-only
• Lender: Thomas Gorski & James Myatt - Red Oak Capital Holdings
• Landlord: Midwest Living Management
• Loan Covers: 55.7% of the stabilized value
• Planned Renovations: Interior renovations to modernize units

Red Oak Capital Holdings facilitated the financing for the acquisition and repositioning of the property with a bridge loan. The lenders involved are Thomas Gorski and James Myatt. The project is managed by the landlord, Midwest Living Management, focusing on enhancing the living spaces within the property.