$11,780,000 Multifamily Loan from Debt Fund
Jacob Lee and Thomas Rudinsky of PSRS arranged the $11.78 million hotel-to-multifamily conversion of a property in Oklahoma City, Oklahoma. The subject property’s latest use was as a Holiday Inn that was constructed in 1963. The 10-story hotel-to-multifamily conversion will result in 204 total units comprised of mostly studios with 5,000sf of retail space on the ground floor. Financed with debt fund execution, PSRS provided its borrower a 65% LTC, 30-month loan term with one 6-month extension option. PSRS was able to secure financing for their client in short order after the initial bank lender backed out at the last minute.