NEW YORK, NY--(Marketwired - Dec 1, 2016) - Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, announces the closing of non-recourse loans in San Diego, California and Mechanicsburg, Pennsylvania, totaling $13.4 million.
The San Diego, California loan is for the refinancing, renovation and stabilization of a 33,191 square foot office building formerly known as The Daily Transcript Building, located in the Bankers Hill neighborhood of San Diego. The Sponsor plans to fully renovate the property by creating unique, open floor plans to target creative office users, which will include usable rooftop access for all tenants. Ready Capital Structured Finance closed the $7.3 million non-recourse interest-only loan that features a two-year term and one-year extension option with flexible pre-payment that is inclusive of a facility to provide for the future funding of interest and carry, capital expenditures, tenant improvements and leasing commissions.
The Mechanicsburg, Pennsylvania loan is for the acquisition, repositioning and stabilization of an industrial property comprised of an institutional quality, rail-served warehouse distribution facility totaling approximately 180,000 square feet on 11.2 acres. The Sponsor plans to undertake a renovation and reconfiguration plan for capital improvements at the property, and engage in a leasing plan to compete in the prime Central Pennsylvania industrial market. Ready Capital Structured Finance closed the $6.1 million non-recourse interest-only loan that features a two-year term and one-year extension option with flexible pre-payment that is inclusive of a facility to provide for the future funding of interest and carry, capital expenditures, tenant improvements and leasing commissions.
Ready Capital Structured Finance originates, manages and finances non-recourse floating and fixed rate loans of up to five years on transitional, value-add and event-driven commercial and multifamily real estate opportunities. Loan amounts are up to $25 million, larger on case-by-case basis, to middle-market and institutional commercial real estate sponsors. The lender offers short-term, interest-only loans with advances up to 80 percent, for cash flowing and non-cash flowing properties, with flexible prepayment schedules and customized structuring.
For more information, contact Managing Director, David Cohen, at dcohen@rclending.com.
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, a full-service real estate finance company managed by Waterfall Asset Management. 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.
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Amy Kauffman