NEW YORK – May 24, 2018 – Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, announces the closing of non-recourse loans in California, Colorado, Virginia, North Carolina and Texas totaling approximately $60 million.
The Toluca Lake, California loan is for the acquisition, renovation, and stabilization of an approximately 75,000 square foot, 67 percent occupied, Class B, office property. The property is located within the Studio / Universal Cities submarket, within a half mile of Highways 101, 134 and major arterial roads such as Cahuenga and Lankershim Boulevard and 0.35 miles from the Universal City / Studio City Metrolink station which provides easy access to Hollywood and Downtown Los Angeles. In addition, the property is located within close proximity to NBC Universal. Ready Capital Structured Finance closed the $23.2 million non-recourse floating rate loan that features a 36-month term, flexible pre-payment, and is inclusive of a facility to provide future funding for capital improvements to the building, and fund interest shortfalls during the renovation and lease up.
The Del Mar, California loan is for the acquisition, renovation, and stabilization of an approximately 40,000 square foot, Class B, office property. The property is located on Jimmy Durante Boulevard in coastal Del Mar between the Del Mar Heights office corridor and the Coast Beach Cities of North County. The Property is within 0.5 miles of the ocean, 0.5 miles from downtown Del Mar, 0.25 miles from the Del Mar Fairgrounds, and offers convenient access to all of San Diego via the Interstate 5 Freeway. Ready Capital Structured Finance closed the $16.7 million non-recourse floating rate loan that features a 36-month term, flexible pre-payment, and is inclusive of a facility to provide future funding for capital improvements to the building, leasing costs, and interest shortfalls during the renovation and lease up.
The Denver, Colorado loan is for the acquisition, renovation, re-flagging, and stabilization of a 92-key hotel located at 7380 South Clinton Street, in the Inverness submarket. The four-story property is currently operating as a Holiday Inn Express, but the Sponsor has secured a new franchise agreement with InterContinental Hotels Group (IHG) to reflag the property to an improved EVEN Hotel. Ready Capital Structured Finance closed the $9.9 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 future funding for the property improvement plan, working capital and interest shortfalls during renovation and stabilization.
The Richmond, Virginia loan is for the acquisition, renovation, and stabilization of an approximately 40,000 square foot medical office property at 7301 Forest Avenue, located in the Glenside submarket. The single-story property is being purchased with below market occupancy and rents, with a business plan to increase rents and lease the property to market levels post-renovation. Ready Capital Structured Finance closed the $5.6 million, non-recourse, interest-only, floating rate loan that features a 36-month term with two extension options, 24 months minimum interest, and is inclusive of a facility to provide future funding for capital improvements, leasing costs, and interest shortfalls during the renovation and lease up.
The Mebane, North Carolina loan is for the acquisition and stabilization of a 478-unit, Class B self-storage property, centrally located between Burlington and Durham, North Carolina. The property is a newly delivered climate controlled facility that is in the lease up phase. Ready Capital Structured Finance closed the $4.1 million non-recourse floating rate loan that features a 24-month term, flexible pre-payment, and is inclusive of a facility to fund interest shortfalls during the lease up.
The Missouri City, Texas loan is for the acquisition, expansion, and stabilization of a currently occupied 434-unit Phase I, Class A, self-storage property and a to-be-built additional 541-unit Phase II on an adjacent parcel. Ready Capital Structured Finance closed the non-recourse fixed rate loan that features a 60-month term, flexible pre-payment, and is inclusive of a facility to provide future funding for the construction of the Phase II building, and fund interest shortfalls during the construction and lease up.
For more information, contact Managing Director, David A. Cohen, at [email protected].
About Ready Capital Structured Finance
Ready Capital Structured Finance (RCSF) 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. RCSF 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 – $50 million and portfolios greater than $50 million. RCSF 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.
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.
