Oklahoma City, OK
Commercial Property Value Add03/15/2018
In March 2018, Archway Fund financed a $12.3M bridge loan secured by two multi-family properties totaling 475 units located in Oklahoma City, OK. One of the two properties is stabilized at 95% occupancy with light rehab remaining. The other property is at 65% occupancy with over $1.5M budgeted to completely renovate the property and complete lease up. Borrower's bank loans were maturing, therefore the borrower required a quick closing. Archway Fund was able to refinance the properties and provide $2.2M for rehab allowing the borrower to execute on the business plan. Exit is to sell both properties during the loan term. The interest rate is 7.99% at 70% LTV for a 24 month term.