Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, announces the closing of six non-recourse interest-only acquisition and renovation loans in Nevada, California, Texas and New York totaling $42.2 million.
The Las Vegas, Nevada loan is for the acquisition, renovation and stabilization of a 168-unit multifamily property located in the Spring Valley submarket. The Sponsor's business plan includes implementing interior unit and common area upgrades, along with exterior property improvements as part of a plan to renovate the property and increase overall performance. Ready Capital Structured Finance closed the $15.0 million non-recourse fixed rate loan that features a 48-month term, with 24-months of interest-only, flexible pre-payment, and is inclusive of a facility to provide for capital expenditures and interest reserves.
The first Los Angeles, California loan is for the acquisition, renovation and stabilization of a 54-unit, multifamily property located in the Mid-City submarket. The Sponsor's business plan includes exterior and common area capital improvements, renovating unit interiors, and re-leasing the property at market rental rates. Ready Capital Structured Finance closed the $8.0 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 second Los Angeles, California loan is for the acquisition, renovation and stabilization of a 9,200 square foot, retail property located in the Hollywood submarket. The Sponsor's business plan includes fully renovating the interior and exterior of the property including seismic retrofit and replacement of major systems and re-leasing the property at market rental rates. Ready Capital Structured Finance closed the $5.0 million non-recourse interest-only 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, leasing costs, and interest and carry reserves.
The Tustin, California loan is for the acquisition, renovation and stabilization of a 43,517 square foot, office property located in the Central Orange County submarket. The Sponsor's business plan includes interior and exterior renovations including building lobby upgrades, outdoor amenity area, exterior landscaping and new signage. Upon completion of the cap ex plan the sponsor will re-lease the property at market rental rates. Ready Capital Structured Finance closed the $4.8 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 Houston, Texas loan is for the acquisition, renovation and stabilization of a 61,896 square foot, office building located in the Cypress Fairbanks submarket. The Sponsor's business plan includes renovating the interior lobby, bathrooms, exterior landscaping and re-leasing the property at market rental rates with a focus on medical users. Ready Capital Structured Finance closed the $4.7 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 New York, New York loan is for the acquisition, renovation and stabilization of a 4,900 square foot, retail condo building located in downtown New York City's Financial District neighborhood. The Sponsor's business plan includes renovating the ground floor and basement space and re-leasing the property at market rental rates. Ready Capital Structured Finance closed the $4.7 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, interest and carry reserves, and an equity earn out if certain performance metrics are achieved.
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-relat ed securities.
