$31M Rehabilitation in Store for Tulsa Apartments
A Class A multifamily community in southeastern Tulsa is getting a fresh start.
By Ioana Neamt, Associate Editor
Funded through the U.S. Department of Housing and Urban Development‘s Section 223(f), the loan features a 35-year, fully amortizing, fixed rate and non-recourse structure, and will be used to finance the makeover of Mansions at Riverside, a 30-building multifamily property located at 2805 E. 97th Court S. Chad Ricks and Jeff Shaw, senior vice presidents in CBRE’s Dallas office, originated the loan.
Located in the city’s Jenks submarket, nearby Creek Turnpike and Riverside Parkway, the 18.3-acre, garden-style community was completed in 2000 and features one-, two-, and three-bedroom market-rate apartments.
Amenities include 421 parking spaces, fitness and business centers, two swimming pools, media room, and clubhouse, according to data collected by Yardi Matrix. The community also offers residents easy access to popular area destinations, such as the BOK Center, Oneok Field, Spirit Event Center, and Cinemark IMAX.
“The momentum this successful closing creates will assist us in accomplishing our goals,” Bob Bourgeois of property owner 2400 MacArthur Ltd., said in prepared remarks. “The low 35-year fixed interest rate will ensure our stable cash flow for years to come.”
“This loan offers excellent financing that includes capital improvements to the property,” added Stephanie McFadden, managing director of CBRE’s Capital Markets Multifamily Lending Programs.
CBRE is an FHA-approved direct lender that offers the full array of FHA multifamily mortgage insurance programs.
Image courtesy of Mansions at Riverside