ReadyCap Funds $5,250,000 for 701 5th Ave. Project in San Diego, CA
07/11/2013
By SuperUser Account

Irvine, CA – July 11, 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 commercial real estate financing in the amount of $5,250,000. The subject property is 701 5 th  Ave. in San Diego’s famous Gaslamp Quarter. The historic 57,000 square-foot property, known as the Gaslamp Theatre, is in the heart of the Gaslamp Quarter in downtown San Diego, California.  The single-tenant theatre is situated with prominent frontage along 5 th  Avenue, one of two movie theaters serving the downtown area. ReadyCap  provided the borrower with non-recourse financing on a 25-year, fully amortizing loan for the potential repositioning of the property upon lease expiration. Holliday Fenoglio Fowler (HFF) was the broker on the deal, working with investor Oliver McMillian.
ReadyCap specializes in maximum loan proceeds and creative terms, among them 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 HFF

HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing.   www.hfflp.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.