Red Oak Capital Holdings, LLC, a leading provider of private capital solutions for commercial real estate, has provided a $5.85-million bridge loan for the refinancing and capital improvements of Britain Village Apartments in Lawrenceville, Georgia. The garden-style apartment complex is situated on 10 acres of land, just over 25 miles from Downtown Atlanta.
Structured under Red Oak’s Core-Plus Bridge Loan Program, the non-recourse transaction carries an initial 12-month term and a loan-to-stabilized-value (LTSV) of 68.83%. The loan was originated by Regional Manager Stratos Athanassiades, underwritten by Thomas Gorski, and administered by James Myatt. The sponsor, Prosperity Capital Partners, is a commercial real estate investment firm with focus on value-add multifamily properties in Florida, Georgia, Arizona and South Carolina.
“This financing allows an experienced sponsor to stabilize the asset and implement a limited scope of remaining renovation work, which will help quickly spur revenue growth,” said Athanassiades. “The borrower has executed similar business plans in the area, and we’re very pleased to work with them on this transaction.”…