CRE Bridge in Oklahoma City

Public payroll and healthcare, not oil and gas. Devon Energy announced its Houston-headquartered merger with Coterra on 2026-02-02 and was reported in place at its new Houston headquarters by May 2026; Expand Energy (formerly Chesapeake) announced its own move to Houston about a week later, in early February 2026, though its operational teams largely remain in Oklahoma City. The Greater Oklahoma City Chamber's own major-employer list, last updated October 2025, still shows Chesapeake and Devon as if neither had moved. The real tenant base by employee count is the State of Oklahoma (32,500), Tinker Air Force Base (26,000), INTEGRIS Health (10,000), Mercy Hospital (6,000) and the FAA Mike Monroney Aeronautical Center (5,150). Medical office and flex space around the Oklahoma Health Center and the Innovation District has a demand base that does not track the rig count.

Sale prices are not required to be public record here, so comps lean on MLS data and assessor estimates instead of recorded prices. The Oklahoma County Assessor describes its own method as sales-comparison driven off recent MLS sales, which is the same data an appraiser is working from. The one primary workaround is the documentary stamp tax on a recorded deed, $0.75 per $500 of consideration (0.15 percent), which lets you back into a recorded price by dividing the stamp amount by 0.0015, though foreclosure deeds, intra-family transfers and single-member-entity formations carry no stamps at all and the base includes assumed debt. Underwrite the comp set you can actually document, not a published median.

Yes, and it is a multi-year signal, not a one-time event. Oklahoma City voters approved a separate 72-month, one-cent special sales tax on 2023-12-12 to fund a roughly $900 million downtown arena, funded by a minimum of $772 million from that dedicated tax, a contribution from the MAPS 4 program, and $50 million from the Thunder ownership group. Two different MAPS 4 contribution figures circulate and no city document confirms either, so we are not going to quote one. Groundbreaking was 2026-03-26 and the building is scheduled to open in 2028. That is separate from the broader MAPS 4 program itself, a $978 million, 16-project, debt-free capital plan funded by its own temporary penny sales tax, whose per-project completion status was not confirmed in this pass. A ground-up or heavy-rehab CRE project competing for trades and materials in the same downtown corridor through 2028 should carry that competition into its cost and schedule assumptions. See the ground-up construction program for build-phase terms.

About 1.35 percent of fair cash value a year inside Oklahoma City proper, and it moves by tax code, not just by city. The Oklahoma County Assessor's certified 2025 rate table puts tax code 200 (City of Oklahoma City, school district I-89) at 122.90 mills, and Oklahoma County assesses real property at 11 percent of fair cash value, which works out to roughly 1.352 percent effective. Millage alone is not comparable across the metro: Cleveland and Canadian counties (Norman, Moore, Yukon, Mustang) assess at 12 percent instead of 11, so a lower-mill suburb can still carry a heavier effective rate. Confirm the parcel's actual tax code on the assessor's account before underwriting year-two operating expense, since school district and vo-tech boundaries do not follow municipal lines.

A distribution corridor anchored by Amazon and UPS, alongside the aerospace base at Tinker and the FAA. The Greater Oklahoma City Chamber's major-employer list (October 2025) shows Amazon at 8,000 employees and UPS at 1,820 in warehouse and distribution, next to Tinker Air Force Base at 26,000 and the FAA Mike Monroney Aeronautical Center at 5,150, both aviation and aerospace anchors the region's own economic development organization calls the metro's largest sector by employment and economic impact. No metro-level industrial vacancy, asking rent or cap-rate series was located for Oklahoma City in this pass, so a small-bay industrial or flex deal here gets underwritten on the tenant's lease and covenant, not a published market average.

At least 25% of value, and more if the rent roll is thin. Leverage runs up to 75% LTV on a purchase or a cash-out, so on a $2,000,000 Oklahoma City building that is up to $1,500,000 from us and $500,000 from you (2,000,000 x 75% = 1,500,000). The loan is interest-only for a term of up to 24 to 36 months, which is what gives a repositioning its runway. No metro-level industrial vacancy, asking rent, or cap-rate series was located for Oklahoma City, so value here gets underwritten on the tenant's lease and covenant rather than a published market average. Subject to underwriting.

Usually yes, at lower leverage. We run credit, but a bridge loan is asset-based and there is no minimum score on this program. Credit carries far less weight than it would at a bank, and a weaker file is normally offset with less leverage rather than a decline, so a deal that might have gone to 75% LTV comes back below that instead. What we underwrite first is the property, the equity, and the lease. There is no hard credit pull to start. Subject to underwriting.

Up to $10 million. That covers the deal sizes this metro actually trades: medical office and flex around the Oklahoma Health Center and the Innovation District, small-bay industrial in the distribution corridor, and repositioning plays near Tinker Air Force Base. The structure is interest-only, up to 75% LTV, for up to 24 to 36 months, used as a bridge or a cash-out while you stabilize and place permanent debt. Bring the rent roll and the leases, since that is what carries the file in a market with no published vacancy series. Subject to underwriting.