Minnesota Commons: DC Apartment Redevelopment Receives $15M Boost
Deal News | Nov 22, 2024 | Arden Group Inc/The
Red Oak Capital Holdings, LLC has extended a $15.5 million bridge loan to facilitate the acquisition and rehabilitation of the Minnesota Commons Apartments in Washington, D.C. The garden apartment complex will be revamped and subsequently integrated into the DC Housing Authority’s Housing Choice Voucher Program. The financial backing underscores Red Oak's commitment to community development and housing initiatives, potentially enhancing the living conditions for residents in the area.
Sectors
- Real Estate
- Finance
Geography
- United States – The transaction and property under discussion are located within the United States, specifically in Washington, D.C.
Industry
- Real Estate – The article involves the acquisition and rehabilitation of residential properties, a core activity in the real estate sector.
- Finance – The provision of a $15.5 million bridge loan is a financial transaction central to the funding of real estate development projects.
Financials
- $15.5 million – The amount of the bridge loan provided by Red Oak Capital Holdings for the redevelopment project.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Red Oak Capital Holdings, LLC | Lender | Company | A financial firm providing a $15.5 million bridge loan for property redevelopment. |
| Minnesota Commons Apartments | Target | Company | The apartment complex receiving funding for acquisition and rehabilitation. |
| DC Housing Authority | Partner | Government | Operates the Housing Choice Voucher Program which the redeveloped apartments will be part of. |