Red Oak Financial funded a $ 5.459 million fixed rate bridging loan to purchase Deer Creek Apartments, a 111-unit apartment complex in Topeka, Kansas. The property is located at 441 SE Winfield Ave., 430 SE Winfield Ave. and 426 SE Arter Ave., two miles from downtown Topeka.
The loan enables the sponsor to expand the property through the renovation and expansion of two buildings as well as the construction of a new building of eight units to make a community of 153 units. The revitalization and expansion is expected to be completed in autumn 2021.
The proceeds from the financing will be used to advance the updates and renovations of the Deer Creek Apartments and to build the additional units. The property is located in an emerging area east of the Kansas capital. The location near a metropolitan marketplace offers high visibility and free real estate and is backed by the stable operating history of a 100 percent leased asset.