Bridge Financing

OVERVIEW

Ready Capital provides short-term, non-recourse bridge and mezzanine loans nationwide on transitional, value-add and event-driven commercial and multifamily real estate. We lend up to $45 million (larger for select assets and portfolios) for middle-market and institutional commercial real estate sponsors, and larger on a case-by-case basis.

We provide floating and fixed rate terms to five years for multifamily, office, retail, industrial, mixed-use, self-storage, student housing, hospitality, residential and commercial condo, and specialty use properties. We consider the full range of value add strategies and deliver structured finance solutions backed by experienced bridge lending professionals.

Check out our most recent transactions and client testimonials:

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$18,280,000
Acquisition & Renovation
Bridge
Fractured Condominium
Year Term
Melbourne, FL
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$6,600,000
Purchase
Bridge
Office
3 Year Term
Greenwood, IN
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$22,600,000
Refinance and Stabilization
Bridge
Mixed Use
4 Year Term
Charlotte, NC
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$13,900,000
Rate/Term Refinance
Bridge
Retail
3 Year Term
Santa Monica, CA
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$4,700,000
Purchase
Bridge
Multifamily
3 Year Term
Los Angeles, CA
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$6,200,000
Purchase
Fixed rate
Retail
2 Year Term
Sacramento, CA
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$2,600,000
Rate/Term Refinance
Bridge
Retail
5 Year Term
Jacksonville, FL
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$16,200,000
Purchase
Bridge
Various Property Types - Portfolio
3 Year Term
Los Angeles, CA
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$7,500,000
Purchase
Bridge
Multifamily
3 Year Term
Houston, TX
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$11,900,000
Purchase
Fixed rate
Student Housing
3 Year Term
Normal & Champaign, IL
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$10,200,000
Purchase
Bridge
Multifamily
5 Year Term
West Valley City , UT
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$20,100,000
Purchase
Fixed rate
Mixed Use
7 Year Term
Costa Mesa, CA
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$7,950,000
Purchase
Bridge
Retail
3 Year Term
Miami, FL
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$25,800,000
Purchase
Bridge
Multifamily
3 Year Term
San Antonio , TX
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$38,900,000
Purchase
Bridge
Multifamily
3 Year Term
San Antonio, TX
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$7,900,000
Purchase
Bridge
Retail
3 Year Term
Miami (Wynwood), FL
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$28,300,000
Purchase
Bridge
Multifamily
3 Year Term
Houston , TX
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$14,500,000
Purchase
Bridge
Multifamily
3 Year Term
Portland , OR
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$7,860,000
Purchase
Bridge
Multifamily
3 Year Term
Freeport, TX
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$5,590,000
Rate/Term Refinance
Bridge
Multifamily
2 Year Term
Houston, TX
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$4,930,000
Purchase
Bridge
Retail
3 Year Term
Miami, FL
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$11,960,000
Purchase
Bridge
Office
3 Year Term
Charlotte, NC
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$8,400,000
Purchase
Bridge
Retail
3 Year Term
Charlotte, NC
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$8,900,000
Purchase
Bridge
Multifamily
2 years Year Term
Tampa, FL
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$7,570,000
Purchase
Bridge
Industrial
3 Year Term
Charlotte, NC
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$33,325,000
Rate/Term Refinance
Bridge
Office
3 Year Term
Chicago, IL
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$8,240,000
Rate/Term Refinance
Bridge
Mixed Use
3 Year Term
Los Angeles , CA
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$12,760,000
Purchase
Bridge
Multifamily
3 Year Term
San Antonio , TX
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$16,360,000
Purchase
Bridge
Multifamily
3 Year Term
San Antonio , TX
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$25,070,000
Purchase
Bridge
Mixed Use
3 Year Term
Denver, CO
$5,000,000
purchase
Bridge
Retail
2 Year Term
Los Angeles, CA
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$5,500,000
purchase
Bridge
Multifamily
3 Year Term
New York, NY
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$7,848,475
Rate/Term Refinance
Bridge
Office
3 Year Term
Chicago, IL
$1,520,361
Rate/Term Refinance
Bridge
Multifamily
2 Year Term
Philadelphia, PA
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$2,765,000
Bridge-to-Freddie - Acquisition, Renovation, & Stabilization
Bridge
Multifamily
Year Term
San Antonio, TX
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$3,200,000
Bridge-to-Freddie - Acquisition, Renovation, & Stabilization
Bridge
Multifamily
Year Term
Austin, TX
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$3,450,000
Bridge-to-Freddie - Acquisition, Renovation, & Stabilization
Bridge
Multifamily
Year Term
Balcones Heights, TX
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$4,300,000
Bridge-to-Freddie - Acquisition, Renovation, & Stabilization
Bridge
Multifamily
Year Term
Glendale, AZ
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$5,000,000
Acquisition & Stabilization
Bridge
Industrial
Year Term
Garfield, NJ
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$5,765,000
Acquisition, Renovation, & Stabilization
Bridge
Multifamily
Year Term
Olathe, KS
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$6,000,000
Acquisition, Renovation, & Stabilization
Bridge
Multifamily
Year Term
Shaker Heights, OH
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$6,070,000
Acquisition & Renovation
Bridge
Industrial
Year Term
Avon, MA
$6,320,000
Acquisition, Renovation, & Stabilization
Bridge
Industrial
Year Term
Philadelphia, PA
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$6,560,000
Acquisition, Renovation, & Stabilization
Bridge
Industrial
Year Term
Greenville, SC
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$7,060,000
Acquisition, Renovation, & Stabilization
Bridge
Multifamily
Year Term
Jeffersontown, KY
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$7,060,000
Acquisition, Renovation, & Stabilization
Bridge
Multifamily
Year Term
Jeffersontown, KY
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$7,060,000
Acquisition, Renovation, & Stabilization
Bridge
Multifamily
Year Term
Jeffersontown, KY
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$8,060,000
Acquisition & Stabilization
Bridge
Industrial
Year Term
Miamisburg, OH
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$8,100,000
Acquisition, Renovation, & Stabilization
Bridge
Multifamily
Year Term
Jacksonville, FL
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$8,180,000
Acquisition & Renovation
Bridge
Industrial
Year Term
Jacksonville, FL
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$8,360,000
Refinance & Stabilization
Bridge
Multifamily
Year Term
Los Angeles, CA
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$8,515,000
Acquisition, Renovation, & Stabilization
Bridge
Multifamily
Year Term
Dallas, TX
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$8,900,000
Acquisition, Renovation, & Stabilization
Bridge
Multifamily
Year Term
Culver City, CA
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$8,975,000
Acquisition & Renovation
Bridge
Multifamily
Year Term
Fairfield, OH
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$8,975,000
Acquisition & Renovation
Bridge
Multifamily
Year Term
Hamilton, OH
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$9,125,000
Acquisition, Renovation, & Stabilization
Bridge
Multifamily
Year Term
Austin, TX
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$9,190,000
Refinance, Renovation, & Stabilization
Bridge
Multifamily
Year Term
Brewster, MA
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$9,450,000
Recapitalization & Renovation
Bridge
Multifamily
Year Term
Dallas, TX
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$10,080,000
Acquisition & Renovation
Bridge
Industrial
Year Term
Fort Worth, TX
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$10,110,000
Acquisition & Stabilization
Bridge
Multifamily
Year Term
Tallahassee, FL
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$10,680,000
Acquisition, Renovation, & Stabilization
Bridge
Multifamily
Year Term
Des Plaines, IL
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$11,150,000
Acquisition, Renovation, & Stabilization
Bridge
Multifamily
Year Term
Tucson, AZ
CRITERIA

PRODUCT OVERVIEW

  • Transitional, value-add and event-driven real estate opportunities
  • Highly structured loan solutions
  • Financing customized to borrower business plan
  • Loan size: up to 80% of project cost, 85% senior stretch deal specific
  • Term: floating rate up to five years including extensions
  • Prepayment: minimum interest
  • Future Funding: Capex, TI/LC, earnouts, interest and operating reserves
  • Fixed and fixed/floating hybrid loan solutions
CONTACT

Contact a Production Officer or a member of our production team for more information for your area or market. All of our Production Officers have the ability to lend nationwide. If you need further information, please contact bridgecre@readycapital.com.

National Bridge Originations Team:
National Loan Originations Team:
Strategic Partnership Team:
San Francisco multi-housing lease up financed for $104M
08/18/2021

SAN FRANCISCO, March 2, 2021 – JLL Capital Markets announced today that it arranged the $104 million refinance of City Gardens, a recently developed multi-housing property located in San Francisco, California.

JLL worked on behalf of the borrower, Panoramic Interests, to secure the three-year, floating-rate loan through Ready Capital.

City Gardens consists of 200 two-, four- and five-bedroom micro-units, boasting strategic, efficient design. The property totals 152,445 square feet and features fully furnished bedrooms and living areas, expansive windows with beautiful city views, 9’ ceilings and was sustainably built; including high-efficiency lighting and plumbing, laminated heat resistant glass and energy recovery ventilation.

Located at 333 12th St. in the Western Mission/SOMA neighborhood, City Gardens is positioned near many shopping and grocery options, including Costco and Trader Joe’s, and various dining, bars and cafes. Additionally, the property is nestled between two burgeoning areas, including Hayes Valley; a revitalized neighborhood filled with high-end boutiques and vibrant restaurants and watering holes; and the Design District; which features renowned designer and furnishing showrooms.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Charles Halladay and Managing Directors Alex Witt and Jordan Angel, Associate Jonah Aelyon and Analyst Lauren Mezzanotte.

Patrick Kennedy, CEO of Panoramic Interests, says, “Alex Witt, Jordan Angel and the JLL team did an amazing job in a challenging market. We were grateful to have them on our team.”

“Panoramic Interests has built an extraordinary high-density multi-housing building uniquely positioned to capture San Francisco’s renter demand,” says Angel. “The San Francisco JLL Capital Markets team feels fortunate to have been able to partner with the Panoramic Interests team to secure a refinance with Ready Capital, allowing for the lease up of City Gardens. This was a great loan closing with a best in class developer and lender.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.


About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About Panoramic Interests

Panoramic Interests has been building high-density infill development projects in the Bay Area since 1990. Its work in downtown Berkeley and San Francisco includes 15 projects, adding more than a 1,000 new units of housing, and 100,000 square feet of commercial space.

From 1998-2004, Panoramic built seven new mixed-use apartment buildings in downtown Berkeley, becoming the largest private landlord of UC Berkeley students.  Equity Residential REIT purchased the portfolio in 2007, the largest real estate transaction in Berkeley’s history.

About Ready Capital

Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services small to medium balance commercial loans. The company lends on multi-housing and commercial real estate, delivering value-add bridge loans and fixed rate financings for stabilized assets. Ready Capital is a non-bank lender that has originated over $7 billion in commercial real estate loans nationwide. Ready Capital is an approved Freddie Mac Small Balance Loan (“SBL”) lender, an SBA Preferred Lender and provides residential mortgage lending through its wholly-owned subsidiary, GMFS Inc.  Headquartered in New York, New York, the Company employs over 400 lending professionals nationwide. The Company is externally managed and advised by Waterfall Asset Management, LLC.

For more information: San Francisco multi-housing lease up financed for $104M (jll.com)

FEATURED DEALS (Q3 2021)

Ready Capital National Bridge Lending Team highlights key real estate deals closed in the third quarter of 2021

 

Bridge Lending – Deal Highlights (Q3 2021) PDF File

CAREERS

Interested in working with one of the fastest growing commercial mortgage REIT’s in the industry?

Ready Capital is always looking to add experienced and driven professionals to expand and grow with our company. We are continually searching for experienced professionals within the industry by offering a work environment thriving on collaboration and a corporate culture of employees who are passionate and excited about what they do.

Find out what job positions are open in your area.

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