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Ready Capital Closes Four Loans Totaling $32.8M in Western States

LAS VEGAS, LOS ANGELES AND TUSTIN, CALIF. — Ready Capital Structured Finance, a commercial real estate bridge and mezzanine lender, has closed four acquisition and renovation loans in Nevada and California totaling $32.8 million.

In Las Vegas, Ready Capital provided a loan for the acquisition, renovation and stabilization of a 168-unit multifamily property located in the Spring Valley submarket. The borrower’s business plan includes implementing interior unit and common area upgrades, along with exterior property improvements. Ready Capital closed the $15 million non-recourse, fixed-rate loan that features a 48-month term, 24 months of interest-only payments, flexible pre-payment options, and a facility to provide for capital expenditures and interest reserves

The first Los Angeles loan is for the acquisition, renovation and stabilization of a 54-unit, multifamily property located in the Mid-City submarket. The borrower’s business plan includes exterior and common area capital improvements, renovating unit interiors, and re-leasing the property at market rental rates. Ready Capital closed the $8 million non-recourse, interest-only loan that features a 36-month term with one extension option, flexible pre-payment, and a facility to provide for capital expenditures, working capital, and interest and carry reserves.

The second Los Angeles loan is for the acquisition, renovation and stabilization of a 9,200-square-foot retail property located in the Hollywood submarket. The borrower’s business plan includes fully renovating the interior and exterior of the property including seismic retrofit and replacement of major systems, plus re-leasing the property at market rental rates. Ready Capital closed the $5 million non-recourse, interest-only loan that features a 24-month term, two extension options, flexible pre-payment, and a facility to provide for capital expenditures, leasing costs, and interest and carry reserves.

The Tustin loan is for the acquisition, renovation and stabilization of a 43,517-square-foot office property located in the Central Orange County submarket. The borrower’s business plan includes interior and exterior renovations including upgrades to the building lobby, outdoor amenity area, exterior landscaping and signage. Ready Capital closed the $4.8 million non-recourse, interest-only loan that features a 36-month term, two extension options, flexible pre-payment, and a facility to provide for capital expenditures, leasing costs, and interest and carry reserves.

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