Phoenix-based GreenLite Holdings has secured a $20.6 million loan from RRA Capital to fund the acquisition and renovation of the Highpoint Creek Apartments. The loan, a non-recourse interest-only loan, will allow GreenLite Holdings to undertake necessary renovations to the 252-unit apartment complex located at 11239 N Pennsylvania Ave.
RRA Capital, an investment firm specializing in commercial real estate bridge loans, closed the deal. A non-recourse loan is secured by the property itself, meaning that the borrower is not personally liable for repaying the loan if there is a default. This type of loan is commonly used in commercial real estate projects, providing borrowers with flexibility and reduced personal risk.
The borrower in this case is Jonathan Lewis of GreenLite Holdings, based in Phoenix. The planned renovations for the Highpoint Creek Apartments, which were built in the early 1970s, include various upgrades and improvements. These include the installation of Google Nest Learning Thermostats to save water and energy, refurbishing the pool and clubhouse, upgrading appliances, and installing new flooring, lighting, plumbing, and windows.
Ted Van Brunt, the chief investment officer of RRA Capital, expressed excitement about the deal and emphasized the collaboration between the borrower and lender teams. He believes that this project will revitalize the property and contribute positively to the local community.
Renovations are set to begin immediately at the Highpoint Creek Apartments, ensuring that the property will be improved and modernized to meet the needs of current and future residents. This development is expected to have a positive impact on the local real estate market, attracting potential renters and enhancing property values in the area.
In addition to the GreenLite Holdings deal, NAI Sullivan Group, a commercial real estate brokerage, has reported several other notable transactions. One such transaction involved Imperial Brown Inc. purchasing 20 acres in Shawnee for an investment. Another transaction involved Palmetto Capital Group LLC acquiring a 9,151-square-foot retail building for a daycare facility.
These commercial real estate transactions showcase the continued growth and activity in the real estate market, highlighting the opportunities available for investors and developers. As the economy recovers and demand for real estate remains strong, it is likely that we will continue to see further developments and transactions in the industry.
Overall, the loan secured by GreenLite Holdings for the Highpoint Creek Apartments renovation project is an example of the dynamic and promising nature of the commercial real estate market. With the support of investment firms like RRA Capital, it is possible to revitalize properties and drive economic growth in communities across the country.