NEW YORK, July 13, 2021 (GLOBE NEWSWIRE) -- Ready Capital announced growth in deal volume for its Bridge Lending business in the second quarter of 2021 with an increase of more than 22% over the first quarter’s strong results. During the second quarter of 2021, Ready Capital closed more than 50 bridge loans totaling over $800 million, with a current pipeline of deals in the closing process going into the third quarter of approximately $600 million. The recent quarter’s results build on the company’s success during the first quarter, during which Ready Capital had closed 28 bridge loans totaling approximately $655 million in funding.
“As a national value-add and structured finance bridge lender, Ready Capital provides creative and optimal loan structures for sponsors to successfully execute their business plans on transitional assets that are cash-flowing as well as non-cash-flowing,” said David A. Cohen, Managing Director and Co-Head of the National Bridge Lending platform at Ready Capital. “Further, we had deepened our market share this past quarter and we will continue to increase our path to growth as well as to assure our clients that they will meet their closing timeline with a certainty of execution with our upfront due diligence and approval process.”
A full list of transactions for Second Quarter 2021:
In April, Ready Capital closed the financing for the acquisition, deconversion, and stabilization of an 80-unit, fractured condominium property in the Northwest City submarket of Chicago, IL. Upon acquisition, the sponsor will collapse the HOA, complete a deconversion of the units, and lease the units at market rents. Ready Capital closed the $9.7MM, non-recourse, interest only, floating rate loan which features a 24-month term, one extension option, and flexible prepayment.
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In April, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 180-unit, three-property, multifamily portfolio located in Houston, TX. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors and refine curb appeal. Ready Capital closed the $10.0MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, as well as a facility to provide future funding for capital expenditures.
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In April, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 36-unit, multifamily property in Atlanta, GA. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors, and upgrade property exteriors and commons areas. Ready Capital closed the $4.8MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures.
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In April, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 76-unit, multifamily property in the North Charleston submarket of Charleston, SC. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors and upgrade exteriors to help drive the property to stabilization. Ready Capital closed the $6.6MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures.
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In April, Ready Capital closed the financing for the acquisition, renovation, and lease-up of an approximately 250,000 SF, Class B, industrial property in the Airport District submarket of Detroit, MI. Upon acquisition, the sponsor will implement a business strategy to lease-up vacant space, mark leases to market rents and extend the weighted average lease term across the property. Ready Capital closed the $10.4MM, non-recourse, interest only, floating rate loan which features a 48-month term, one extension option, flexible prepayment, and is inclusive of a facility to provide future funding for tenant leasing costs.
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In April, Ready Capital closed the financing for the acquisition, deconversion, and renovation of a 115-unit, fractured condominium property located in the Northwest City submarket of Chicago, IL. Upon acquisition, the sponsor will collapse the HOA, complete a deconversion of the units, and implement a capital improvement plan to renovate unit interiors, update amenities, and refine curb appeal. Ready Capital closed the $32.4MM, non-recourse, interest only, floating rate loan which features a 48-month term, one extension option, flexible prepayment, as well as a facility to provide future funding for capital expenditures and interest shortfalls.
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In April, Ready Capital closed the financing for the acquisition, renovation, and stabilization of an 85-unit, Class B, multifamily property in the “HEB” submarket of Dallas-Fort Worth, TX. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors, and upgrade property exteriors and commons areas. Ready Capital closed the $8.6MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures.
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In April, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 60-unit, Class B, multifamily property located in the West Fort Worth submarket of Fort Worth, TX. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the property. Ready Capital closed the $5.6MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures.
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In April, Ready Capital closed the financing for the acquisition and stabilization of an 80-unit multifamily property located in downtown Cleveland, OH. Upon acquisition, the sponsor will implement a new marketing and operations plan to improve occupancy and increase rents to market rates. Ready Capital closed the $5.5MM, non-recourse, interest only, floating rate loan which features a 48-month term, one extension option, and flexible prepayment.
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In April, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 72-unit, partially renovated multifamily property in the Rosedale submarket of Kansas City, KS. Upon acquisition, the sponsor will implement a capital improvement plan to finish renovating unit interiors, address deferred maintenance, and add fencing around the property exterior. Ready Capital closed the $6.3MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures.
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In April, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 140-unit, multifamily property in Gainesville, FL. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors, and upgrade property exteriors and commons areas. Ready Capital closed the $9.2MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures.
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In April, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 75-unit, Class B, multifamily property located in the West Seattle submarket of Seattle, WA. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors, upgrade property exteriors, and refine curb appeal. Ready Capital closed the $14.5MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures.
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In May, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 300-unit, Class B, multifamily property located in the Kansas City, KS MSA. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors, and upgrade property exteriors and amenities to help drive the property to stabilization. Ready Capital closed the $34.8MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures.
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In May, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 20-unit, multifamily property located in the Upper East Side submarket of New York, NY. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors and upgrade common areas. Ready Capital closed the $4.8MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures and interest shortfalls.
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In May, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 120-unit, Class B, multifamily property in the Paradise Valley East submarket of Las Vegas, NV. Upon acquisition, the sponsor will convert the senior housing property into traditional market rate multifamily units and upgrade exteriors to help drive the property to stabilization. Ready Capital closed the $7.0MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures.
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In May, Ready Capital closed the financing for the acquisition, renovation, and stabilization of an 84-unit, Class B, multifamily property in the Central Mesa submarket of Phoenix, AZ. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors, and upgrade property exteriors and amenities to help drive the property to stabilization. Ready Capital closed the $9.8MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures.
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In May, Ready Capital closed the financing for the acquisition, renovation, and lease-up of an approximately 220,000 SF industrial warehouse property in the I-81 Corridor submarket of the Scranton, PA MSA. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the property and subsequently lease-up to market occupancy and at market rents. Improvements include replacing the roof, parking lot resurfacing, painting, and more. Ready Capital closed the $6.4MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures and tenant leasing costs.
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In May, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 281-unit, three-property, multifamily portfolio located in Lansing, MI. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors, cure deferred maintenance, and refine curb appeal. Ready Capital closed the $8.7MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, as well as a facility to provide future funding for capital expenditures.
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In May, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 376-unit, two property, multifamily portfolio in the West Charlotte submarket of Charlotte, NC. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors and upgrade property exteriors. Ready Capital closed the $35.3MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures and interest shortfalls.
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In May, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 240-unit, Class B, multifamily property in the Richardson submarket of Dallas, TX. Upon acquisition, the sponsor will fully renovate each unit, and upgrade exteriors and common areas to help drive the property to stabilization. Ready Capital closed the $29.9MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures.
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In May, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 120-unit, garden-style, multifamily property in the Stonewood/Stone Creek submarket of the Dallas-Fort Worth, TX MSA. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors and upgrade property exteriors. Unit interior improvements include countertop and appliance upgrades, updated cabinets, and more. Ready Capital closed the $6.2MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures and interest shortfalls.
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In May, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 152-unit, garden-style, multifamily property in the West Gainesville submarket of Gainesville, FL. Upon acquisition, the sponsor will fully renovate each unit and upgrade exteriors to help drive the property to stabilization. Ready Capital closed the $14.2MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures.
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In May, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 147-unit, Class B, multifamily property in the Clear Lake submarket of Houston, TX. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors, and upgrade property exteriors and commons areas. Ready Capital closed the $10.8MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures.
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In May, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 42-unit, multifamily property in West Chester, PA. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors, cure deferred maintenance, and refine curb appeal. Ready Capital closed the $7.3MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures.
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In May, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 240-unit, Class B, multifamily property in the Deer Valley submarket of Phoenix, AZ. Upon acquisition, the sponsor will fully renovate the remaining legacy units, and upgrade exteriors and common areas to help drive the property to stabilization. Ready Capital closed the $36.7MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures.
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In May, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 128-unit, multifamily portfolio located in Fayetteville, AR. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors, refine curb appeal, and increase occupancy. Ready Capital closed the $7.7MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, as well as a facility to provide future funding for capital expenditures.
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In June, Ready Capital closed the financing for the acquisition, renovation, and lease-up of an 18-unit, five-story, mixed-use (multifamily/retail) property in the West Village submarket of New York, NY. Upon acquisition, the sponsor will implement a capital improvement to renovate unit interiors and upgrade property exteriors. Ready Capital closed the $8.4MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures and interest and carry shortfalls.
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In June, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 155-unit, Class B, multifamily property in the Aerotropolis submarket of Atlanta, GA. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors, and upgrade property exteriors and commons areas. Ready Capital closed the $14.9MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures.
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In June, Ready Capital closed a refinance loan for the renovation and lease-up of a nine-property, mixed-use (office/retail) portfolio in the Frogtown, Echo Park, and Glassell Park neighborhoods of Los Angeles, CA. The sponsor’s business plan includes completing base building capital improvements on each of the nine properties, increasing the rentable square footage, and leasing up each property. Ready Capital closed the $23.5MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of facilities to provide future funding for capital expenditures, tenant leasing costs, and interest and carry shortfalls.
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In June, Ready Capital closed the refinancing of an approximately 64,000 SF, Class B, office property located in the Northeast Tampa submarket of Tampa, FL. Loan proceeds will be used to retire existing debt and provide capital for tenant leasing costs. Ready Capital closed the $10.4MM, non-recourse, interest only, fixed rate loan which features an 84-month term, flexible prepayment, and is inclusive of a facility to provide future funding for tenant leasing costs.
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In June, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 120-unit, Class B, multifamily property in the Downtown Franklin submarket of the Nashville, TN MSA. Upon acquisition, the sponsor will implement a capital improvement plan that focuses on exterior and common area upgrades, as the units have already been renovated. Ready Capital closed the $16.4MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures.
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In June, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 54-unit, Class B, multifamily property in the Central Business District submarket of Birmingham, AL. Upon acquisition, the sponsor will implement a capital improvement plan featuring unit renovations, and property exterior and common area upgrades. Ready Capital closed the $11.3MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures.
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In June, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 169-unit, Class B, multifamily property in the Macomb County submarket of Detroit, MI. Upon acquisition, the sponsor will renovate the remaining legacy units, convert the current leasing office into a clubhouse, and upgrade exteriors and common areas to help drive the property to stabilization. Ready Capital closed the $13.4MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures.
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In June, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 307-unit, Class B, multifamily property in the South West Valley submarket of Glendale, AZ. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors, refine curb appeal, upgrade exteriors, and improve landscaping that will help drive the property to stabilization. Ready Capital closed the $43.6MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, an earn-out option, and is inclusive of a facility to provide future funding for capital expenditures.
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In June, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 205-unit multifamily property in the Southeast Lexington submarket of Lexington, KY. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade unit interiors, refine curb appeal, and upgrade property amenities. Ready Capital closed the $18.4MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures.
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In June, Ready Capital closed the financing for the acquisition, renovation, and stabilization of an approximately 110,000 SF, Class B, industrial property in the Greater Northeast submarket of Philadelphia, PA. Upon acquisition, the sponsor will implement a capital improvement plan to renovate property exteriors. Ready Capital closed the $7.4MM, non-recourse, interest only, floating rate loan which features a 48-month term, one extension option, flexible prepayment, and is inclusive of a facility to provide future funding for tenant leasing costs and capital expenditures.
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In June, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 164-unit, three-property, multifamily portfolio located in the Denton submarket of the Dallas-Fort Worth, TX MSA. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors, cure deferred maintenance, and refine curb appeal. Ready Capital closed the $12.8MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, as well as a facility to provide future funding for capital expenditures.
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In June, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 146-unit, multifamily property located in the Marble City submarket of Knoxville, TN. Upon acquisition, the sponsor will implement a capital improvement plan to cure deferred maintenance, renovate unit interiors, upgrade property amenities, and refine curb appeal. Ready Capital closed the $14.2MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures.
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In June, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 222-unit, Class B, multifamily property in the Cobb submarket of the Atlanta, GA MSA. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors and upgrade property exteriors. Ready Capital closed the $36.1MM, non-recourse, interest only, floating rate loan which features a 48-month term, one extension option, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures.
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In June, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 556-unit, Class B, multifamily property in the Stone Mountain submarket of the Atlanta, GA MSA. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors and upgrade property exteriors. Ready Capital closed the $47.3MM, non-recourse, interest only, floating rate loan which features a 36-month term, interest only, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures.
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In June, Ready Capital closed the financing for the acquisition, repositioning, and stabilization of a 142-unit, Class A, multifamily property in the Midtown submarket of Nashville, TN. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade common areas and amenities and reposition the property from short-term rentals to traditional leases. Ready Capital closed the $26.7MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures.
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In June, Ready Capital closed the financing for the lease-up of an approximately 85,000 SF industrial property located in the City of Industry submarket of the Los Angeles, CA MSA. The sponsor will implement a strategic leasing strategy to sign new leases at market rents and extend the weighted average lease term across the property. The sponsor will achieve market rents through the completion of tenant improvements and minor capital upgrades to the property. Ready Capital closed the $7.5MM, non-recourse, interest only, floating rate loan which features a 48-month term, one extension option, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures.
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In June, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 214-unit, multifamily property in the South West Valley submarket of Phoenix, AZ. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors, refine curb appeal, upgrade exteriors, and improve landscaping that will help drive the property to stabilization. Ready Capital closed the $28.1MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures.
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In June, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 307-unit, multifamily property in the Medical District submarket of Dallas, TX. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors, convert unused space to three additional units, and upgrade exteriors to help drive the property to stabilization. Ready Capital closed the $10.3MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures.
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In June, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 344-unit, Class B, multifamily property in the Duluth submarket of the Atlanta, GA MSA. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors and upgrade property exteriors. Ready Capital closed the $62.6MM, non-recourse, interest only, floating rate loan which features a 60-month term, full-term interest only, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures.
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In June, Ready Capital closed the financing for the acquisition, renovation and lease-up of an 8-unit, five story, mixed-use (multifamily/retail) property in the West Village submarket of New York, NY. Upon acquisition, the sponsor will implement a capital improvement to renovate unit interiors and upgrade property exteriors. Ready Capital closed the $7.9MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, an earn-out option, and is inclusive of a facility to provide future funding for capital expenditures and interest and carry shortfalls.
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In June, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 332-unit, Class B, multifamily property in the Woodhaven submarket of the Dallas-Fort Worth, TX MSA. Upon acquisition, the sponsor will renovate the remaining legacy units, and upgrade exteriors and common areas to help drive the property to stabilization. Ready Capital closed the $32.7MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures.
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In April, Ready Capital closed the Bridge-to-Freddie Mac Agency financing for the acquisition, renovation, and stabilization of a 26-unit, multifamily property located in the Biscayne Gardens submarket of Miami, FL. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the unit interiors and property exteriors. Ready Capital closed the $2.9MM, non-recourse, floating-rate loan that features a 24-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures. In addition, the sponsor has the ability to execute a low-cost refinancing with Ready Capital’s Freddie Mac SBL Loan program.
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In May, Ready Capital closed the Bridge-to-Freddie Mac Agency refinancing for the stabilization of a 42-unit, multifamily property located in Parkville, MO. Upon closing, the sponsor will continue to lease-up recently renovated units to stabilization before seeking long-term financing. Ready Capital closed the $1.9MM, non-recourse, floating-rate loan which features a 12-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures. In addition, the sponsor has the opportunity to execute a low-cost refinancing with Ready Capital’s Freddie Mac SBL Loan program.
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In June, Ready Capital closed the Bridge-to-Freddie Mac Agency financing for the acquisition, renovation, and stabilization of a 92-unit, multifamily property located in the Leon Valley submarket of San Antonio, TX. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the unit interiors and property exteriors. Ready Capital closed the $5.6MM, non-recourse, floating-rate loan that features a 24-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures. In addition, the sponsor has the ability to execute a low-cost refinancing with Ready Capital’s Freddie Mac SBL Loan program.
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For more information, contact:
David A. Cohen, david.cohen@readycapital.com
Managing Director and Co-Head – National Bridge Lending
About Ready Capital:
Ready Capital (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services small- to medium-sized balance commercial loans. Our National Bridge Originations Team offers nonrecourse financing on transitional, value-add and event-driven commercial and multifamily real estate opportunities. Ready Capital is a direct lender that provides comprehensive financing solutions to real estate owners, investors and small business owners, which generally range in original principal amounts between $5 - $45 million and larger for select assets and portfolios.
This press release contains statements that constitute "forward-looking statements," as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements; the Company can give no assurance that its expectations will be attained. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
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