NEW YORK, NY--(Marketwired - Jul 24, 2017) - Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, announces the closing of five non-recourse loans in Illinois, New York, Michigan, California and Missouri totaling $52 million.
The Glendale Heights, Illinois loan is for the acquisition, renovation and stabilization of Stratford Trails, a 26-building, 156-unit, fractured condominium, multifamily property at 148-216 Gladstone Drive, in the Chicago MSA. The collateral is a garden style, multifamily property that consists of 26 (of the total of 31) three-story buildings (each building operates as a separate condominium unit) that will be upgraded to a solid class B property after renovations, which includes adding amenities to the property. The Sponsor plans to use the loan proceeds for the acquisition to renovate the buildings that they are purchasing at close, purchase and renovate the remaining buildings and convert the property from a condominium structure to a traditional multifamily. Ready Capital Structured Finance closed the $18.0 million non-recourse interest-only 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 improvements, future condominium purchases, and interest payments.
The Bronx, New York loan is for the refinance, renovation and stabilization of a six-story, 55-unit, approximately 50,700 square foot (6,700 square feet of retail) mixed-use building at 926 Southern Boulevard in the Woodstock neighborhood. The loan will be used to complete the gut renovation and reconfiguration of the loft apartments and street facing retail suites. Ready Capital Structured Finance closed the $12.1 million non-recourse interest-only loan that features a 24-month term with one extension option, flexible pre-payment, and is inclusive of facilities to provide future funding for capital expenditures and interest and carry reserves.
The Livonia, Michigan loan is for the refinance and stabilization of Northridge Commons, an approximate 119,000 square foot retail property located at 33523 W 8 Mile Road, in the Detroit MSA. The collateral consists of a class B neighborhood retail property that is anchored by a Kroger store, and a portion of loan proceeds will be used to build out space for a recently executed lease with a local gym tenant. Ready Capital Structured Finance closed the $8.9 million non-recourse interest-only loan that features a 36-month term with two extension options, flexible pre-payment, and is inclusive of facilities to provide future funding for leasing costs and an interest reserve.
The Los Angeles, California loan is for the acquisition, repositioning and stabilization of a 48-unit, low-rise, multifamily asset located in the Hollywood submarket. The Sponsor's business plan includes exterior and common area capital improvements, renovating unit interiors, and re-leasing the property at market rental rates. Ready Capital Structured Finance closed the $8.6 million non-recourse interest-only loan that features a 24-month term with one extension option, flexible pre-payment, and is inclusive of a facility to provide for capital expenditures, tenant buyouts, and interest and carry reserves.
The Kansas City, Missouri loan is for the acquisition, renovation and stabilization of The Devereaux Apartments, a 60-unit apartment complex located in the Midtown submarket. The Sponsor is planning interior renovations on all units, inclusive of installing granite counter tops, washer/dryer hooks ups, new flooring and trim, and creating open floor plans. In addition, exterior renovations will include deck, roof, and siding repairs, upgraded landscaping, and parking lot resurfacing. Ready Capital Structured Finance closed the $4.4 million non-recourse interest-only loan that features a 36-month term, flexible pre-payment, and is inclusive of a facility to provide for capital expenditures and an interest reserve.
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 (NYSE "SLD"), a full-service real estate finance company externally managed by Waterfall Asset Management, LLC. 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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David A. Cohen