Red Oak Capital Provides $8.4M Loan for Hotel-to-Multifamily Conversion Project in Covington, Louisiana

Red Oak Capital Holdings Provides $8.43M Bridge Loan for Hotel-to-Multifamily Conversion in Covington Louisiana

Red Oak Capital Holdings, LLC, a leading provider of private capital solutions for commercial real estate, has provided an $8.43-million bridge loan for the acquisition and conversion of WeStay Suites, a vacant 100-key hotel property in Covington, Louisiana, into an 87-unit multifamily community. The 12-month loan, structured at a 71.37% loan-to-stabilized value, will fund the […] The post Red Oak Capital Holdings Provides $8.43M Bridge Loan for…

Red Oak Capital Provides $8.4M Loan for Hotel-to-Multifamily Conversion Project in Covington, Louisiana

COVINGTON, LA. — Red Oak Capital Holdings LLC has provided an $8.4 million loan for a hotel-to-multifamily conversion project in Covington. The borrower, an investment group represented by Nebo Capital, is using the financing to purchase the former WeStay Suites hotel at 140 Holiday Blvd. and reposition it into an 87-room apartment community. The 12-month bridge loan will fund the $6.9 million acquisition and $1.8 million in planned improvements…