Red Oak Capital Holdings Provides $8.4M Bridge Loan For Hotel Conversion In Covington

The property asset involved in this transaction is a hotel located at 140 Holiday Boulevard, Covington, LA, with a total square footage of 89,831. The asset is undergoing conversion into an 87-unit apartment community, and a loan amount of $8,400,000 has been secured for this purpose.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $8,400,000
• Loan Type: Bridge
• Lender: Red Oak Capital Holdings
• Broker: Nebo Capital

This transaction involves Red Oak Capital providing financing to Nebo Capital’s investment group, which is responsible for the redevelopment of the former WeStay Suites hotel into residential apartments.