Red Oak Capital Holdings, LLC, has provided a $9.225-million bridge loan for the Ridge Avenue Apartments, a newly built residential community in Philadelphia.
The loan will pay off the construction loan and fund the project’s final phase, bringing it to completion. The two-year, interest-only loan carries has an LTSV of 55.64%. The borrower, Echo Philly Properties, LLC, is an entity owned 60% by Vich Properties LLC, a Philadelphia-based real estate development and management firm specializing in high-end residential projects throughout the region.
Located at 1614-1620 Ridge Avenue, the five-story property consists of 32 luxury residential units, split evenly between one-bedroom and two-bedroom floor plans. The mid-rise building includes two ground-floor retail spaces totaling 8,000 square feet and 17 off-street parking spaces.
The bulk of the Red Oak loan will be used to retire existing debt, while $1.36 million will be used to complete the final construction. An additional $75,000 has been allocated for tenant improvements in the commercial spaces.
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