RRA Capital, an investment firm specializing in commercial real estate bridge loans, has closed a $20.6 million, non-recourse, interest-only loan for the acquisition and renovation of the 252-unit Highpoint Creek Apartments, 11239 N Pennsylvania Ave.
Non-recourse means the loan is secured by the property. The borrower will pay interest only for a period. The loan will bridge the borrower through the property’s renovation and lease-up period.
The borrower is Jonathan Lewis of GreenLite Holdings in Phoenix. Renovations of the early 1970s complex will include the installation of Google Nest Learning Thermostats for water and energy savings, refashioned pool and clubhouse, upgraded appliances, new flooring, lighting, plumbing, windows and more.
“Not only are we very excited to complete this deal, but we’re ecstatic to work alongside a repeat sponsor on a business plan that’s going to revitalize a property in a vibrant community. Both borrower and lender teams are better than ever and are well positioned to execute on this plan in the coming years,” said Ted Van Brunt, chief investment officer of RRA Capital.
Renovations are expected to begin immediately at the property.
NAI Sullivan Group reports these commercial real estate transactions
- Imperial Brown Inc. paid ECO Development LLC $945,000 for 20 acres at 42425 Westech Road in Shawnee, for an investment. Bob Sullivan with NAI Sullivan Group provided brokerage services to the seller. Closing was at First American Title Co. by Connie Clemens.
- Palmetto Capital Group LLC paid $719,000 to John D. Thephachanh for a 9,151-square-foot retail building on 1.5 acres at 5820 NW 41, to use as a day care facility. Darryl Meason with NAI Sullivan Group represented the seller and Chris Miller with Western Branch Properties LLC represented the buyer. Closing was at Titan Title Co. by Jacqueline Falkenberry.
- Desmalchi LLC paid $295,000 to 3837 NW 10th LLC for a 9,467-square-foot industrial building at 3845 NW 10, for an investment. Amir Shams and Zac McQueen with NAI Sullivan Group provided brokerage services to the buyer. Closing was at Oklahoma Prime Title & Escrow Co. by Teresa Koeppe.
- First Captain OKC LLC paid $270,000 to Glory to God Properties LLC for a 1,360-square-foot industrial building at 12007 N Interstate 35 Service Road, for an investment. Shams, McQueen and RJ Jimenez with NAI Sullivan Group provided brokerage services to the buyer. Seth Bullard with Keller Williams provided brokerage services to the seller. Closing by Koeppe.
- M&R United LLC leased 3,906 square feet of industrial space at 4933 NW 10 from Kam C Automotive LLC. Shams and McQueen provided brokerage services to both the landlord and tenant.
- Onyx Health and Wellness LLC leased 1,100 square feet of office at 6520 E Reno Ave., Suite D, in Midwest City from Never Say Never LLC. The space will be used for medical services including preventive care and management of chronic conditions. Matthew Pierce with NAI Sullivan Group provided brokerage services to both the tenant and landlord.
- Spark in the Hills LLC leased 2,802 square feet of retail space at 1121 NW 63, Suite 5005, from Nichols Hills Plaza II LLC. The space will be used for Spark Burgers, a restaurant owned and operated by the Social Order Dining Collective. David Hartnack and Sam Swanson with NAI Sullivan Group provided brokerage services to the tenant.
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