Gardner Tanenbaum Lands $63M Refi for Oklahoma Conversion Project

The Harlow will include 265 multifamily units, as well as office and retail space. Image courtesy of IPA Capital Markets

Gardner Tanenbaum has secured a $63 million refinancing loan for the conversion of two Oklahoma City, Okla., historic office buildings, into 265 multifamily units.

Acting on behalf of the borrower, IPA Capital Markets Executive Managing Directors Todd McNeill and Sunny Sajnani procured 91 percent of the capital stack, which includes a $40.3 million senior construction loan from a bank, with three years interest-only payments, followed by a 30-year amortization schedule and a maturity date in 2030. The team also aided with federal and state historic tax credits.

BancFirst Building and Medical Arts Building were constructed in 1921 and 1924, respectively. Upon redevelopment completion, the two assets will be known as The Harlow, a mixed-use project that is set to include 3,400 square feet of office and 4,900 square feet of retail space, according to Yardi Matrix data. Plans for the design call for retaining the buildings’ historic feel and incorporating a 1920s Hollywood-inspired décor.

The residential component of the development is slated to include studios, and one- and two-bedroom floorplans. The 10- and 12-story buildings will also have a fitness center, game room, pet spa, coworking space, movie theater and conference rooms.

Located in the city’s downtown area at 101 N. Broadway Ave. and 100 Park Ave., the community will be close to First National Center, a recently redeveloped $275 million mixed-use building that opened last year, featuring a hotel, 193 residential units, a host of dining options, as well as office and retail space. Corporate Tower and Paycom Center Arena will also be within walking distance of The Harlow.