NEW YORK, July 31, 2018 (GLOBE NEWSWIRE) -- Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, announces the closing of non-recourse loans in Washington, Tennessee, North Carolina, Florida, New Jersey, Illinois, New York and California totaling approximately $70 million.
The Seattle, Washington loan is for the refinance, renovation, new construction, and stabilization of a 52-unit, class A, multifamily property located in the lower Queen Anne submarket of Seattle. The Bungalows Queen Anne project includes the addition of two residential floors (28 new units) to the existing two story mixed-use structure. Ready Capital Structured Finance’s $14.5 million non-recourse, floating rate loan features a 36-month term, flexible pre-payment, and is inclusive of a facility to provide future funding for hard and soft costs, tenant improvement, and leasing commissions.
The Portland, Tennessee and Charlotte, North Carolina loan is for the acquisition, renovation, and lease up of a two-property industrial portfolio comprising of 518,000 square feet. The Kirby Drive property is located in the North Industrial submarket of Nashville, Tennessee and the Willmar Boulevard property is located in the State Line Industrial submarket of Charlotte, North Carolina. The Sponsor plans to complete deferred maintenance and capital expenditures at both properties in order to execute leases with long term tenants. Ready Capital Structured Finance closed the $11.7 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 reserves during the renovation and lease up.
The Daytona Beach, Florida loan is for the acquisition, renovation/reflagging, and stabilization of a 110-key, limited service hotel located on South Atlantic Avenue in the Coastal Daytona Beach submarket. The Sponsor will complete a substantial PIP for common area and guest room renovation, re-branding as a select service, Tapestry Collection by Hilton upon completion. The property offers easy accessibility to The Daytona Beach International Airport and Daytona International Speedway, which hosts NASCAR’s Daytona 500 stock car race. Ready Capital Structured Finance’s $9.0 million non-recourse, floating rate loan features a 36-month term, flexible pre-payment, and is inclusive of a facility to provide future funding for the Hotel’s PIP.
The Fair Lawn, New Jersey loan is for the acquisition, renovation, and lease up of a 137,000 square foot, industrial / office / retail mixed-use property located in the Route 208 Corridor / NW Bergen submarket. Ready Capital Structured Finance closed the $8.6 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 leasing costs during the renovation and lease up.
The Garfield, New Jersey loan is for the refinance, renovation, and stabilization of a 48,000 square foot, Class B, self-storage property located on River Drive in the Route 46 Corridor. Ready Capital Structured Finance closed the $4.8 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 Chicago, Illinois loan is for the refinance and lease up of a 38,000 square foot, office property located on West Carroll Avenue located in the Fulton Market / River West submarket. The property was repositioned from an industrial warehouse to an office building. Ready Capital Structured Finance closed the $7.9 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 reserves during the renovation and lease up.
The New York, New York loan is for the acquisition, renovation, and stabilization of a 20-unit, mid-rise apartment located in the Upper East Side submarket. The renovation plan is to gut renovate most of the units and perform cosmetic common area renovations. Ready Capital Structured Finance closed the $5.5 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, working CapEx, and interest reserves.
The San Francisco, California loan is for the acquisition, renovation, and lease up of a two-building, 23-unit co-living portfolio. Both properties are located in the West of Van Ness submarket. Ready Capital Structured Finance closed the $4.4 non-recourse floating rate loans that feature 24-month terms, flexible pre-payment, and are inclusive of a facility to provide future funding for capital improvements to the buildings, working Capex, and interest and operating shortfalls during the renovation and lease up.
For more information, contact Managing Director, David A. Cohen, at dcohen@rclending.com.
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.
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