Ready Capital Arranges $21.5M Refinancing for Multifamily Property Near Phoenix
PEORIA, ARIZ. — Ready Capital Structured Finance has secured $21.5 million for the refinancing and recapitalization of a multifamily property located in the South Peoria submarket of metro Phoenix.
The loan will be used to repay current construction debt, return equity to the undisclosed sponsor and pay for closing costs. Additionally, an earnout is available to the sponsor should certain metrics be achieved. The non-recourse, interest-only, fixed-rate loan features a 36-month term with flexible pre-payment options.
At the time of financing, the 153-unit property was 97 percent leased.