NEW YORK – January 22, 2018 – Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, announces the closing of non-recourse loans in Texas, California, Oregon and Florida totaling approximately $35 million.
The Austin, Texas loan is for the acquisition, renovation and stabilization of a 200-unit, multifamily property located in the Far North Central submarket. The Sponsor’s business plan is to renovate the property including interior unit renovations, repair of down units, exterior renovations and roof replacements followed by re-tenanting of the property at market rental rates. Ready Capital Structured Finance closed the $11.9 million non-recourse interest-only floating rate loan that features a 24-month term with two extension options, flexible pre-payment, and is inclusive of a facility to provide for capital expenditures, working capital, interest and carry reserves, and an earn-out reserve.
The Los Angeles, California loan is for the acquisition, renovation and stabilization of a 43-unit, multifamily property located in the Larchmont/East Hollywood neighborhood. The Sponsor’s business plan is to renovate the property including full interior unit renovations, exterior renovations and infrastructure upgrades followed by re-tenanting of the property at market rental rates. Ready Capital Structured Finance closed the $8.8 million non-recourse interest-only floating rate 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 Portland, Oregon loan is for the acquisition, renovation and stabilization of a 26,000 square foot creative office property located in the Pearl District. The Sponsor’s business plan is to renovate the property including common area improvements, exterior space upgrades and basement space upgrades followed by re-tenanting of the property at market rental rates. Ready Capital Structured Finance closed the $7.5 million non-recourse interest-only floating rate 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, tenant improvement, leasing commission, and interest and carry reserves.
The Boynton Beach, Florida loan is for the acquisition, renovation and stabilization of a 100,000 square foot office property. The Sponsor’s business plan is to renovate the property including landscaping upgrades, HVAC replacement, parking lot repairs, common area modernization and roof replacement followed by re-tenanting of the property at market rental rates. Ready Capital Structured Finance closed the $6.4 million non-recourse interest-only floating rate 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, tenant improvement, leasing commission, 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.
