NEW YORK, Jan. 04, 2018 (GLOBE NEWSWIRE) -- Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, announces the closing of non-recourse loans in Maryland, Texas, Florida, New York, Washington and California totaling approximately $50 million.
The Halethorpe, Maryland loan is for the acquisition, renovation and stabilization of a 313,000 square foot industrial property located in the suburb of Baltimore. The Sponsor’s business plan is to renovate the property including full interior unit renovations, exterior renovations and infrastructure upgrades followed by re-tenanting of the property at market rental rates. Ready Capital Structured Finance closed the $14.0 million non-recourse floating rate interest-only loan that features a 36-month term with two extension options, flexible pre-payment, and is inclusive of a facility to provide for capital expenditures, working capital, and interest and carry reserves.
The Houston, Texas loan is for the acquisition, renovation and stabilization of a four-property multifamily portfolio totaling 67-units located in the Montrose submarket. The Sponsor’s business plan is to renovate the properties including full interior unit renovations, exterior improvements and amenity upgrades followed by re-tenanting of the property at market rental rates. Ready Capital Structured Finance closed the $8.7 million non-recourse floating rate loan that features a 36-month term with two extension options, 24 months of interest only, flexible pre-payment, and is inclusive of a facility to provide for capital expenditures, working capital and interest reserves.
The Miami, Florida loan is for the acquisition, renovation and stabilization of a 19,600 square foot mixed-use property located in the Wynwood submarket. The Sponsor’s business plan is to renovate the property including full interior unit renovations and infrastructure upgrades which includes the build-out of new retail space, followed by re-tenanting of the property at market rental rates. Ready Capital Structured Finance closed the $6.4 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 for capital expenditures, working capital, tenant improvements, leasing commissions, and interest and carry reserves.
The New York, New York loan is for the acquisition, renovation and stabilization of an approximately 7,500 square foot, mixed-use building located in the SoHo neighborhood of downtown New York City. The Sponsor’s business plan is to renovate the property including restoration of the retail portion to white box finish, full interior renovations on each floor, upgrading the building’s systems and re-tenanting the property at market rental rates. Ready Capital Structured Finance closed the $6.0 million non-recourse floating rate 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, leasing costs, and interest and carry reserves.
The Silverdale (Seattle MSA), Washington loan is for the acquisition, renovation and stabilization of a 55,600 square foot retail property located in a suburb of Seattle. The property is 50% pre-leased. At closing, the new tenant and the Sponsor will white box finish the interior then re-tenant the remaining 50% of the property at market rental rates. Ready Capital Structured Finance closed the $5.3 million non-recourse floating rate 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, working capital, tenant improvements, leasing commissions, and interest and carry reserves.
The two Los Angeles, California loans totaling $7.0 million are for the acquisition, renovation and stabilization of a 20-unit multifamily property located in the Hollywood/Silver Lake neighborhood and a 14-unit, multifamily property located in the Highland Park/Glendale neighborhood. The Sponsor’s business plan in both situations is to renovate the property including full interior unit renovations and infrastructure upgrades followed by re-tenanting of the property at market rental rates. Ready Capital Structured Finance closed the $4.1 million and $2.9 million non-recourse floating rate interest-only loans, respectively, that each features a 36-month term with one extension option, flexible pre-payment, and is inclusive of a facility to provide for capital expenditures, working capital, and interest and carry reserves.
For more information, contact Managing Director, David A. 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 (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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