NEW YORK, NY--(Marketwired - Mar 7, 2016) - Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, announces the closing of three loans in South Carolina, Oklahoma and California, for funding totaling over $24 million.
The Charleston (Daniel Island), South Carolina loan for a funding of $10.94 million is for the refinance, and prospective-lease-up and stabilization of an approximate 90,500 square foot office building which is 100 percent leased and occupied as a telecom call center with a short-term maturity. Ready Capital Structured Finance has provided a highly-structured, three-year loan with a one-year extension, which is inclusive of a future funded stand-by interest and carry reserve, tenant improvement and leasing commission facility to be utilized by the sponsor in the event that the tenant vacates the building upon lease expiration.
The Tulsa, Oklahoma loan for a funding of $8.8 million is for the refinance of the Tulsa Promenade, a 437,000 square foot enclosed super regional mall that is located in the second largest metropolitan area in Oklahoma with convenient access to I-44. Ready Capital Structured Finance has provided a low-leverage non-recourse five-year loan, which is inclusive of a future funded tenant improvement and leasing commission facility to accomplish the lease-up of the rollover at the property.
The Bakersfield, California loan for a funding of $4.33 million is for the refinance, lease-up and stabilization of a 67 percent leased, 5 building flex/industrial complex totaling 132,770 square feet. Ready Capital Structured Finance has provided a non-recourse two-year loan with a one-year extension, which is inclusive of a future funded leasing commission and capital improvement facility for the sponsor to accomplish the lease-up and to perform renovations which include new HVAC's, parking lot repairs, landscaping, and signage.
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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