OKLAHOMA CITY--(BUSINESS WIRE)--RRA Capital, a leading investment firm specializing in CRE bridge loans, is pleased to announce the successful closing of a $20,600,000MM non-recourse, interest-only loan for the acquisition of a 252-unit apartment property in Oklahoma City, OK that is now set to undergo extensive renovations.
The property, located at 11239 N. Pennsylvania Avenue in Oklahoma City, was built in the 1970s and features one and two-bedroom units. The borrower, Jonathan Lewis of GreenLite Holdings, is a repeat sponsor and plans to use the loan to fund the property's acquisition and renovations, which will result in substantial water and energy savings with Google Nest Learning Thermostats, a refashioned pool and clubhouse, upgraded appliances, new flooring, lighting, plumbing, windows, and more.
“Not only are we very excited to complete this deal, but we're ecstatic to work alongside a repeat sponsor on a business plan that’s going to revitalize a property in a vibrant community. Both borrower and lender teams are better than ever and are well positioned to execute on this plan in the coming years,” said Ted Van Brunt, Chief Investment Officer of RRA Capital.
Renovations are expected to begin immediately at the property. RRA’s loan will bridge the borrower through the property’s renovation and lease-up period.
“We are extremely pleased to have a completed deal with RRA Capital, especially given the challenging environment in commercial real estate,” said Jonathan Lewis of GreenLite Holdings. “RRA was able to move exceptionally quickly and stepped in when we needed them most. As a result, we were able to secure a loan that will allow us to enact our business plan as originally intended.”
RRA Capital is continuously seeking new opportunities in the sub $40MM real estate space. Interested parties can view updated terms on the company's website and submit deals for consideration.
About RRA Capital
RRA Capital is a privately held direct commercial real estate bridge lender and investment firm. Operating nationwide, RRA finances value-add commercial and multifamily real estate nationwide with flexible bridge and intermediate term loans customized to fit the sponsor's needs. RRA's principals have over $10B worth of investment experience in value-add and distressed CRE for numerous global financial institutions, and across multiple markets, products, and cycles. RRA has originated and managed over $1B in CRE bridge loans since inception with no loss of principal to date. More information and financing terms can be found at https://www.rracapital.com/.
About GreenLite Holdings
GreenLite Holdings was founded by Jonathan Lewis to enable investors to acquire ownership of specific apartment complexes in areas with growing demand for housing, and take advantage of the opportunities offered by multi-family housing units in emerging markets.
