Developer gets $61 million loan to build apartments in OKC, plus other deals this week

From The Oklahoman

Gardner Tanenbaum plans to add a 444-unit apartment complex at its Westgate Park mixed-use development after securing $61 million in construction financing through Dallas-based IPA Capital Markets, a division of Marcus & Millichap commercial real estate services.

Westgate Park Residential will be on the campus on the northeast corner of Sara Road and W Reno Avenue. Developer Richard Tanenbaum opened Westgate Park with a 200,000-square-foot, Class A office building in 2016. It now also has 21,000 square feet of retail and service space.

IPA Capital Markets senior managing directors Todd McNeill and Sunny Sajnani secured a three-year 80% loan-to-cost bank loan at a secured overnight financing rate plus 2%.

Gardner Tanenbaum plans further development at the site, including additional office, retail, restaurant and industrial space. McNeill called it “another trophy project” for the developer.

“Our partnership with the IPA finance team continues to deliver truly exceptional financing despite the instability in the current debt climate,” Tanenbaum said. “Gardner Tanenbaum is excited to realize our vision for this transformative project in an explosive OKC market.”