Ready Capital Closes $14M Loan for Acquisition, Renovation of Industrial Asset in Metro Baltimore
The 313,000-square-foot industrial property is located at 2209 Sulphur Spring Road in Halethorpe, roughly seven miles south of Baltimore.
HALETHORPE, MD. — Ready Capital Structured Finance has closed a $14 million loan for the acquisition, renovation and stabilization of a 313,000-square-foot industrial property located at 2209 Sulphur Spring Road in Halethorpe, roughly seven miles south of Baltimore. The name of the borrower was not disclosed. The 36-month, non-recourse, floating-rate loan features two extension options and flexible prepayment. The borrower plans to fully renovate interiors, as well as upgrade the building’s exterior and infrastructure. Following the renovations, the borrower will re-tenant the property at market rental rates.