NEW YORK, NY--(Marketwired - Jan 7, 2016) - Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, announces the closing of two value-add loans in Florida and Texas, for approximate funding totaling over $12.6 million.
The Orlando, FL loan for an approximate funding of $8.8 million is for the acquisition, renovation and stabilization of a six-story, 82,892 square foot, class B office building in Central Business District Orlando. The sponsor purchased the asset to renovate and upgrade the lobby and common areas, and to lease-up the remaining vacant office space at the property. The non-recourse loan features a three-year term with a one-year extension, which is inclusive of a facility to provide for future tenant improvements, leasing commissions and capital expenditures.
The Dallas, TX loan for an approximate funding of $3.8 million is for the renovation and stabilization of a three-story, garden-style multifamily complex totaling 98 units, located in the North White Rock submarket of Dallas. The asset will be renovated and the units will be upgraded for the ensuing lease-up of the property. The loan features a two-year term with a one-year extension, which is inclusive of a facility to provide for capital expenditures and working capital to execute the business plan.
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. Ready Capital Structured Finance 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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Kristin Seigworth
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