TULSA, OKLA. — RBC Capital Markets has provided $7.46 million in financing for a three-property multifamily portfolio in Tulsa. The loans were brought to RBC Capital Markets by Allan Lieberman of Meridian Capital and originated through RBC Streamline, RBC Capital Markets’ small balance program.
Cheryl Higley, national director of RBC Streamline, says despite a tougher market, her division is staying active with small balance loans.
“We understand markets like Tulsa and middle America,” says Higley. “Borrower quality, asset quality and looking at the overall picture — it’s important because it’s being affected as far as what the market drivers are doing and the volatility of the market. We want to stay busy and active.”
The three properties in Tulsa include Savannah Apartments, a 69-unit complex, which was built in 1965. It was refinanced at $2.18 million at a 7-year fixed rate. Magnolia Apartments, a 90-unit complex, was built in 1986 and was refinanced at $3.04 million at a 5-year fixed rate. Fulton Plaza, a 64-unit complex built in 1980, was refinanced at $2.24 million at a 7-year fixed rate.
“The Tulsa multifamily portfolio is an excellent example of the small balance loans RBC Capital Markets is actively pursuing and closing in today’s market,” says Higley. “We worked closely with the broker and the Tulsa-based borrower to present an appealing financing package that met the borrowers’ needs.”
RBC is the fifth largest financial institution in North America and 18th largest in the world by market capitalization.