NEW YORK, Sept. 11, 2018 (GLOBE NEWSWIRE) -- Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, announces the closing of non-recourse loans in New York, Arizona, Utah, Florida, North Carolina, and California totaling approximately $100 million.
The New York, New York loan is for the refinance, renovation, and stabilization of an approximately 27,600 square foot, mixed-use, office / retail property, located in the Soho submarket. The Sponsor signed a lease with a co-working office tenant that will occupy a portion of the building upon completion of the planned capital improvements. Ready Capital Structured Finance closed the $28.8 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 future funding for capital expenditures, working capital, tenant leasing costs, and interest & carry reserves.
The Peoria, Arizona loan is for the refinance and recapitalization of a 153-unit, 97 percent leased property located in the South Peoria submarket within the Phoenix MSA. The loan will be used to repay the current construction debt, return equity to the sponsor, and pay for closing costs. In addition, an earnout is available to the sponsor should certain metrics be achieved. Ready Capital Structured Finance closed the $21.5 million non-recourse, interest only, fixed rate loan that features a 36-month term with flexible pre-payment.
The Midvale, Utah loan is for the acquisition, renovation, and stabilization of a 96-unit apartment complex located in the Union Park District, of the Salt Lake City MSA. The renovation plan is to perform interior upgrades to most of the units, add a pool to the courtyard, and build a new leasing office and fitness center, along with other capital improvements. Ready Capital Structured Finance closed the $9.5 million, non-recourse, part floating / part fixed rate loan that features a 60-month term, flexible pre-payment, and is inclusive of a facility to provide future funding for capital expenditures and working capital reserves.
The Largo, Florida loan is for the acquisition, renovation, and stabilization of an 86-unit, fractured condo, multifamily property located in the Walsingham Park submarket. At closing the Sponsor will acquire 61 units and acquire the balance of the units over the next three years. The Sponsor plans to implement interior unit renovations as leases roll and mark rents to market. Ready Capital Structured Finance closed the $8.8 million, non-recourse, interest only, floating rate loan that features a 36-month term with one 24-month extension option, flexible pre-payment, and is inclusive of a facility to provide future funding for capital expenditures, working capital, and unit buyouts.
The Belleair Bluffs, Florida loan is for the acquisition, renovation, and lease-up of an approximately 38,000 square foot, class B, neighborhood center located in the Mid-Pinellas submarket of the Tampa MSA. The property is located 25-miles west of Tampa Bay, Florida along West Bay Drive which connects the City of Largo with the area’s beaches, including Belleair Beach, Belleair Shore, Indian Rocks Beach, and Clearwater Beach. Ready Capital Structured Finance closed the $7.1 million, non-recourse, part floating / part fixed rate, loan that features a 60-month term, flexible pre-payment, and is inclusive of a facility to provide future funding for capital expenditures, working capital reserves, and tenant leasing costs.
The Charlotte, North Carolina loan is for the acquisition, renovation, and lease-up of an approximately 41,000 square foot, class B, neighborhood center located in the Inner Southeast Retail submarket. The property is located 6 miles south of downtown Charlotte along South Boulevard. The property is currently 40 percent occupied with contract rents that are below market. Ready Capital Structured Finance closed the $6.7 million, non-recourse, interest only, floating rate loan that features a 48-month term with one extension option, flexible pre-payment, and is inclusive of a facility to provide future funding for capital expenditures, working capital, tenant leasing costs, and interest reserves.
The Hollywood, Florida loan is for the acquisition, renovation, and lease-up of an approximately 60,000 square foot, class B, industrial / flex showroom property located in the Southeast Broward submarket of Fort Lauderdale. There are a limited number of 40,000 to 60,000 square foot industrial-type assets in the submarket with access to a major roadway such as I-95. As a result, the property has a competitive advantage in the market. Ready Capital Structured Finance closed the $6.5 million, non-recourse, interest only, floating rate loan that features a 24-month term with one extension option, flexible pre-payment, and is inclusive of a facility to provide future funding for capital expenditures, working capital, tenant leasing costs, and interest & carry reserves.
The Baldwin Park, California loan is for the acquisition, renovation, and stabilization of an approximately 23,000 square foot industrial property and 3.4 acres exterior storage space. The property is located in the San Gabriel Valley industrial submarket. Ready Capital Structured Finance closed the $5.8 million, non-recourse, interest only, floating rate loan that features a 24-month term, flexible pre-payment, and is inclusive of a facility to provide future funding for capital expenditures, working capital, and operating shortfalls during the renovation and lease up.
The Phoenix, Arizona loan is for the acquisition, renovation, and stabilization of a 44-unit, multifamily property located in the Northwest submarket. The Sponsor will collapse the current condo HOA and implement interior unit renovations as leases roll and mark rents to market. Ready Capital Structured Finance closed the $4.1 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 capital expenditures, working capital, and interest reserves.
The San Francisco, California loan is for the refinance of an 11-unit, co-living, multifamily property at 6-8 Nottingham Place located on the border of North Beach and the Financial District. The Sponsor operates the property as part of their co-living portfolio. Ready Capital Structured Finance closed the $2.3 million non-recourse, fixed rate loan that features a 60-month term with flexible pre-payment, and partial-term interest only.
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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