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NEWPORT BEACH, CALIF. — Ready Capital Structured Finance has closed a $10 million loan that will be used to acquire, renovate and stabilize a Class B office building in Newport Beach. The 44,434-square-foot building is located at 4440 Von Karman Ave., within the master-planned Koll Center in the John Wayne Airport submarket.
The non-recourse, interest-only loan features a 36-month term with two extension options, flexible pre-payment, and is inclusive of a facility to provide future funding for capital expenditures, interest and reserves.