Irvine, CA – Sept. 24, 2013 – ReadyCap Commercial, LLC ( www.readycapcommercial.com ), a non-bank direct lender offering commercial real estate financing up to $10 million in major markets nationwide, has closed on two commercial real estate loans in the amount of $10 million and $8.3 million. The subject properties are Younan Tower in Houston, and 7 Thousand Shea in Scottsdale, Ariz., both owned by Younan Properties, Inc., a full-service, national real estate owner and property manager of Class A buildings in five major U.S. office markets. Jon Hosea of Sunrise Mortgage and Investment Co. placed the transaction. “The ReadyCap team was responsive throughout the loan process and they performed to our expectation. Inquiries were handled promptly and professionally from beginning to end. We anticipate a long and mutually beneficial relationship with ReadyCap going forward,” said Zaya S. Younan, Chairman & CEO, Younan Properties .
Younan Tower is a 10-story Class A office property with 165,094 square feet, strategically located in the Northbelt submarket of Houston. The property’s major tenant, accounting for 73 percent of the space, notified the owner of the intent to vacate in 18 to 24 months. Seeking a bridge loan for a discounted payoff (DPO) of the office tower, Younan Properties worked with ReadyCap to structure long-term bridge financing to accommodate the existing loan maturity and also allow the tenant to vacate and subsequently release the building. ReadyCap funded the $10 million, 5-year commercial real estate bridge loan, which provided interest reserves as well as Tenant Improvement and Leasing Commission reserves for future expenses.
The Arizona property, currently named Scottsdale Promenade, will be rebranded as 7 Thousand Shea. It is a 137,522 square foot Class-A retail lifestyle center with a combination of specialty retail, entertainment, dining, local shops and Class A office space inspired by a Frank Lloyd Wright design, situated within Scottsdale’s renowned retail trade area just minutes north of Downtown Phoenix.
Younan Properties requested bridge financing for the shopping center with occupancy in the mid-60 percent range, expecting a rapid lease-up after some minor capital expenses. ReadyCap was able to deliver 65 percent loan-to-purchase conventional commercial financing on a 5-year, fixed rate permanent loan, offering an achievable earn-out on the loan to reward a quick stabilization of the center.
View the properties and highlights at www.readycapcommercial.com/just-closed .
ReadyCap specializes in financing complex transactions, offering innovative terms, including non-recourse financing, earn-outs, hold-backs, and cash out, as well as providing financing to foreign national borrowers. The small-balance commercial real estate lender is also a strong fit for borrowers seeking both bridge and long-term conventional funding. To learn how ReadyCap is “Lending Differently,” watch the video at www.readycapcommercial , or call 888-354-0822.
About Younan Properties
Younan Properties, Inc., is a privately held real estate investment and management company, specializing in acquiring and managing Class A office properties and selected retail centers in strong growth markets throughout the United States including Dallas, Houston, Chicago, Los Angeles and Phoenix. Known for its detailed, hands-on approach to improving operational efficiencies, while maintaining top building standards for tenants, Younan is a full-service real estate investment company with in-house expertise and resources in leasing, asset and property management, marketing, acquisitions, redevelopment, facility engineering and financing. For more information, visit www.younanproperties.com .
About ReadyCap Commercial, LLC
ReadyCap Commercial ( www.readycapcommercial.com ) is a non-bank, direct portfolio lender offering financing for small-balance commercial real estate bridge, investment, conventional owner user, SBA 504, and multifamily loan programs in major markets nationwide. Available financing ranges from $500,000 to $10 million. With concierge-like personal attention, ReadyCap is set apart by its credit decisions, processing speeds and common-sense, solution-oriented underwriting. Based in Orange County, California, ReadyCap is supported by Waterfall Asset Management, LLC, an investment manager based in New York City with over $2 billion in assets under management. For more information, visit http://www.readycapcommercial.com or call 888-354-0822.