CMBS

OVERVIEW

Ready Capital’s CMBS lending program offers a fixed-rate mortgage execution strategy for commercial real estate investors seeking competitive pricing with loan structures tailored to the unique characteristics of their properties.

Ready Capital’s nationwide team of CMBS product specialists is committed to providing quick feedback on all loan submissions and focuses on obtaining upfront credit approvals to ensure speed and certainty of execution. Moreover, Ready Capital serves as the B piece investor and Directing Certificate Holder (DCH) for all of its CMBS originations, setting it apart from competing programs and allowing for a wide variety of creative credit solutions.

image
$27,500,000
Refinance
CMBS
R.V. Park/Self Storage
10 Year Term
Multiple locations, TX
image
$11,250,000
Refinance
CMBS
Industrial
10 Year Term
Los Angeles, CA
image
$6,600,000
Refinance
CMBS
Retail
10 Year Term
Metro Detroit, MI
image
$6,000,000
Refinance
CMBS
Industrial
10 Year Term
St. Louis, MO
image
$2,800,000
Acquisition
CMBS
Multi-family
10 Year Term
Jacksonville, FL
CRITERIA

PRODUCT OVERVIEW

  • Loan size from $2MM up to $45MM (may consider larger sizes for select assets and portfolios)
  • Acquisition, refinance, and recapitalization
  • Terms 5, 7 and 10 years
  • Up to 80% LTV
  • Non-recourse with standard carve-outs
  • Yield maintenance or defeasance
  • Minimum Debt Service Coverage for Multifamily: 1.20x
  • Minimum Debt Service Coverage for Commercial: 1.30x
  • Minimum Debt Yield for Multifamily: 7%
  • Minimum Debt Yield for Commercial: 9% to 12%
  • Full term and partial interest-only considered on a case-by-case basis
  • Amortization 25-30 years
  • Origination fee at par
  • Single purpose entity required
  • TI/LC and Capital Expenditure reserves structured on a deal-by-deal basis
  • Springing or in-place lockbox/cash management
Ready Capital Announces Acquisition of Red Stone
01/31/2022

Leading Real Estate Finance Company Expands Footprint in Multifamily Affordable Housing Sector

NEW YORK, August 2, 2021 — Ready Capital Corporation (NYSE: RC) (“Ready Capital”), a multi-strategy real estate finance company that originates, acquires, finances and services commercial loans, today announced its acquisition of Red Stone and its affiliates (“Red Stone”). Red Stone is a real estate finance and investment company that provides innovative financial products and services to the multifamily affordable housing industry. Red Stone’s management team, led by John Sokolovic, and all employees have joined Ready Capital. The acquisition will further diversify Ready Capital’s business and represents its commitment to affordable housing.

“Affordable housing finance presents a significant growth opportunity that will benefit our shareholders by expanding our presence in a sector with low correlation to our other businesses,” said Tom Capasse, Chairman and Chief Executive Officer of Ready Capital. “Moreover, the team at Red Stone has enormous talent and we look forward to building on their success collaboratively in the future.”

“We are very proud of our team’s achievements not only in providing exceptional financial products to our clients but also our team’s dedication and commitment toward the production of much needed affordable housing throughout the United States ” said John Sokolovic, Chairman and Co-Founder of Red Stone. “By joining the team at Ready Capital, we are confident that we can continue to grow and serve our clients, financial partners, and the affordable housing community while adding value for Ready Capital’s shareholders.”

Ready Capital acquired the entities through which Red Stone conducts its affordable housing finance business in exchange for cash and stock as well as the assumption of certain Red Stone guarantees of secured indebtedness.

Ready Capital received financial advice on the transaction from Houlihan Lokey and legal advice from Clifford Chance US LLP. Red Stone received financial advice on the transaction from Riparian Partners and legal advice from Jones Day.

About Ready Capital Corporation
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. Ready Capital specializes in loans backed by commercial real estate, including agency multifamily, investor and bridge as well as SBA 7(a) business loans. Headquartered in New York, New York, Ready Capital employs over 500 lending professionals nationwide. The company is externally managed and advised by Waterfall Asset Management, LLC. For more information, visit www.readycapital.com.

About Red Stone
Red Stone is a privately-owned real estate finance and investment company that provides innovative financial products and services to the multifamily affordable housing industry throughout the United States. Red Stone focuses on providing acquisition, development period and permanent mortgage capital on properties that are financed utilizing tax-exempt and taxable bonds. Since its founding in 2002, Red Stone has provided in excess of $4.6 billion of mortgage debt and equity capital used to finance 63,032 apartment units in affordable and mixed income rental properties. For more information, visit www.redstoneco.com.

 

Contact
Investor Relations
Ready Capital Corporation
212-257-4666
InvestorRelations@readycapital.com
www.readycapital.com

SOURCE Ready Capital Corporation

SOCIAL MEDIA

Stay ahead in a rapidly changing environment.

Click below and follow us on social media for all the latest updates from Ready Capital, including recent deal transactions and thought leadership in commercial lending.

FOLLOW READY CAPITAL ON SOCIAL MEDIA

linkedin
SUBMIT A REQUEST

Connect with us and request a quote to see what product best fits your needs. A product representative will be in touch with you shortly.