NEW YORK – October 3, 2017 – Ready Capital Structured Finance, (the “Company”) a nationwide commercial real estate bridge and mezzanine lender, today announced the closing of four non-recourse interest-only acquisition and renovation loans in Florida, Georgia, North Carolina and California for $30.5 million.
The Florida loan is for the acquisition, renovation and conversion of an industrial warehouse located in Miami into an approximately 35,000 square foot creative office with ground floor retail located in the Wynwood Art District. The sponsor signed a lease with a creative office tenant that will occupy a portion of the building upon completion of the planned capital improvements. The Company provided the $11.5 million non-recourse interest-only loan that features a 24-month term with one extension option, flexible pre-payment, and is inclusive of a facility to provide for capital expenditures, leasing costs, and interest and carry reserves.
The Georgia loan is for the acquisition, renovation and stabilization of an approximately 125,000 square foot, historical office building located in the Fairlie-Poplar Historic District of downtown Atlanta. The Sponsor’s business plan is to renovate the property through upgrading the elevators and common areas, improving the ground floor retail, addressing deferred maintenance, and re-leasing the property at market rental rates. The Company provided the $10.4 million non-recourse interest-only loan that features a 36-month term with two extension options, flexible pre-payment, and is inclusive of a facility to provide for capital expenditures, leasing costs, and interest and carry reserves.
The North Carolina loan is for the acquisition, renovation and stabilization of an 85-unit, 5-building, multifamily property located in the East Central submarket of Charlotte. The Sponsor’s business plan includes exterior capital improvements, renovating unit interiors, and re-leasing the property at market rental rates. The Company provided the $6.2 million non-recourse interest-only loan that features a 36-month term with one extension option, flexible pre-payment, and is inclusive of a facility to provide for capital expenditures, working capital, and interest and carry reserves.
The California loan is for the acquisition, renovation and stabilization of an approximately 6,500 square foot, 11-unit, multifamily property located in the Mar Vista neighborhood of Los Angeles. The Sponsor’s business plan is to renovate the property through full interior unit renovations, exterior improvements, seismic retrofit, and re-lease the property at market rental rates. The Company provided the $2.4 million non-recourse interest-only loan that features a 36-month term with two extension options, flexible pre-payment, and is inclusive of a facility to provide for capital expenditures, working capital, and interest and carry reserves.
For more information, contact Managing Director, David A. Cohen, at [email protected].
About Ready Capital Structured Finance
Ready Capital Structured Finance, headquartered in New York City, is a nationwide commercial real estate bridge and mezzanine lender offering non-recourse financing on transitional, value-add and event-driven commercial and multifamily real estate opportunities. Led by a veteran team of industry professionals, Ready Capital Structured Finance is a division of a subsidiary of Sutherland Asset Management Corporation (NYSE “SLD”), a full-service real estate finance company externally managed by Waterfall Asset Management , LLC . Sutherland, a commercial mortgage REIT, is a real estate finance company that acquires, originates, manages and finances commercial real estate loans and real estate-related securities.
