Red Oak Capital Holdings, LLC has provided a $15.5-million bridge loan for the acquisition and rehabilitation of Minnesota Commons Apartments in Washington, D.C. This project will contribute to the availability of affordable housing in the area, operating under the DC Housing Authority's Housing Choice Voucher Program (DCHCVP). The loan, structured through Red Oak’s Opportunistic Bridge Loan Program, features a floor rate of 12.25%, a 24-month initial term, and an LTSV of 36.66%.
The redevelopment project, led by experienced local contractors and investors, aims to address the critical need for affordable housing. With a $3.6-million capital improvement budget, the project will expand the unit count from 83 to 123, including extensive renovations such as new flooring, lighting, electrical and plumbing systems, HVAC installations, and kitchen and bathroom remodels. This transformation is expected to revitalize the local area, providing modern, affordable housing options for residents.
Located at 4069-4089 Minnesota Ave NE, Minnesota Commons Apartments consists of two three-story buildings built in 1942. The property is situated on 1.5 acres in the Benning neighborhood, within walking distance of the Minnesota Avenue Metro station and essential services. The project will not only meet the high demand for affordable housing but also contribute to the overall revitalization of the community.
