MEMPHIS, TENN. — Red Oak Capital Holdings has provided a $7.7 million loan for the acquisition and repositioning of Valley Forge Apartments, a 229-unit multifamily community located at 176 Hillview Ave. in Memphis. Valley Forge features 26 garden-style buildings comprising 171 two-bedroom units, 57 three-bedroom apartments and one one-bedroom unit across 15 acres. The property was 95.6 percent occupied at the time of financing.
The borrower, I Real Estate and Allstate Property Management, plans to carry out repairs, capital improvements and security upgrades on the property. Red Oak Capital’s Stratos Athanassiades, Thomas Gorski and James Myatt originated the loan on behalf of the borrower. The loan carries an initial 18-month term and a loan-to-stabilized value of 71.9 percent.