The construction financing includes a $32.8 million senior loan provided by Ameris Bank and $5 million in preferred equity investment from RSE Capital Partners.
Radiant will spend $15 million to renovate the 209 units of affordable housing in five phases, over eighteen months.
“There is a lending void in specific segments of commercial real estate, especially those under $5 million in size,” says Ben Easterlin V, senior vice president of commercial lending at Angel Oak, and managing director of the new commercial lending arm.
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