NEW YORK, NY--(Marketwired - Dec 10, 2015) - Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, announces the closing of two value-add loans, in Brooklyn, New York, and Los Angeles, California, for an approximate total funding of $14.55MM.
Ready Capital funded an $8.45MM loan in Brooklyn, NY, for the acquisition, renovation and stabilization of two vacant, three-story multifamily buildings with available retail space on the ground floor totaling 8,500 square feet. The property is located on Wythe Avenue between North 6th and 7th Streets in the Williamsburg neighborhood of Brooklyn. The entire premises will undergo a gut renovation and also includes an extension of the ground floor for commercial use, and the addition of one story for residential use. The loan is structured in the program that advances up to 75 percent loan-to-coast (LTC), and features a two-year term with two extension options, along with a funding facility to provide for all future capital expenses and tenant improvement and leasing commissions.
Ready Capital also funded a Los Angeles transaction in the Koreatown neighborhood, with an approximate $6.1MM loan for the acquisition, renovation and stabilization of a 16,000 square-foot office property located at 515 Shatto Place. The property will undergo a renovation and conversion to creative office. The loan is structured with a two-year term and a one-year extension option, along with a funding facility to provide for all future capital expenses and tenant improvement and leasing commissions, with an advance of up to 75 percent loan-to-coast (LTC).
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. Senior loan amounts are up to $25 million, larger on a case-by-case basis, to middle-market and institutional commercial real estate sponsors. The bridge 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 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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Media contact:
Kristin Seigworth
786.360.0270