Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market and the debt and equity markets, click here.)

YUKON, OK-A Fayetteville, AR-based developer has obtained a $28-million refinance for the just-completed Links at Mustang Creek. The capital will retire a construction loan while providing for leasing and management of the 492-unit complex and nine-hole golf course and possibly future construction at the site.

Located at 2004 S. Mustang Rd., the Links at Mustang Creek has a 96% occupancy, which was part of the appeal to lender GE Real Estate in Atlanta, according to Ed Coco, senior managing director for the North America lending division. He says the other attraction is borrower Lindsey Management Co.’s MO. “He builds classic class A apartment complexes and a nine-hole golf courses that are used as amenities for the tenants,” he explains.

Coco tells GlobeSt.com that Lindsey builds many phases in any given complex, and Links at Mustang Creek near Oklahoma City most likely is not going to be much different. “I’m sure he’ll develop more units there over time. That’s the way he works,” he adds.

This year, Lindsey has completed work on the 588-unit Links of Madison County in Canton, MS; 394-unit Greens on Blossom Way in Rogers, AR; and 492-unit Links of Stillwater in Stillwater, OK. In addition to golf courses, the complexes have another thing in common–all very long-term holds for the developer. “His goal is to hold onto these properties for the next 50 years,” Coco says. “He won’t sell them.”

Links at Mustang Creek has a one- and two-bedroom mix, with apartments ranging from 544 sf to 1,093 sf. The monthly rents go from $525 to $745.

Ken G. McRae IV with McRae Mortgage & Investment LLC, of Little Rock, AR arranged the 10-year permanent financing with a 30-year amortization. The interest rate is fixed at 6% and the loan-to-value ratio is 80%.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt. Multifamily Spring 2022 (Formerly APTS)Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.