NEW YORK, Oct. 01, 2020 (GLOBE NEWSWIRE) — Ready Capital’s National Bridge Lending Team announces the closing of an acquisition, renovation, and lease-up loan for a $16.9 MM value-add bridge loan in Memphis, TN.
In September, Ready Capital closed the financing for the acquisition, renovation, and lease-up of an approximately 800,000 SF, Class B, industrial property in the Southeast Industrial submarket of Memphis, TN. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the property and subsequently lease-up to market occupancy. Improvements include roof restorations, exterior and interior painting, modernized lighting, and various other property upgrades. Ready Capital closed the $16.9 MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures, tenant leasing costs, and interest and carry shortfalls.
Southeast Industrial Submarket of Memphis, TN
Acquisition, renovation, and lease-up of an approximately 800,000 SF, Class B, industrial property in the Southeast Industrial submarket of Memphis, TN
For more information, contact:
David A. Cohen, [email protected]
Managing Director – National Bridge Originations
About Ready Capital:
Ready Capital (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services small- to medium-sized balance commercial loans. Our National Bridge Originations team offers non-recourse financing on transitional, value-add and event-driven commercial and multifamily real estate opportunities. Ready Capital is a direct lender that provides comprehensive financing solutions to real estate owners, investors and small business owners, which generally range in original principal amounts between $2 – $45 million and larger for select assets and portfolios.
This press release contains statements that constitute \”forward-looking statements,\” as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. These statements are based on management\’s current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements; the Company can give no assurance that its expectations will be attained. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.