BALDWIN PARK AND SAN FRANCISCO, CALIF. — Ready Capital Structured Finance has arranged two loans totaling $8.1 million for properties in California.
In the first transaction, Ready Capital secured a $5.8 million loan for the acquisition, renovation and stabilization of a 23,000-square-foot industrial property with 3.4 acres of exterior storage space. The property is located in Baldwin Park within the San Gabriel Valley industrial submarket. The non-recourse, interest-only, floating-rate loan features a 24-month term and flexible pre-payment options. Additionally, the financing includes a facility to provide future funding for capital expenditures, working capital and operating shortfalls during the renovation and lease up.
In the second transaction, the company arranged $2.3 million for the refinance of a multifamily property located at 6-8 Nottingham Place on the border of San Francisco’s North Beach and Financial District. The undisclosed sponsor operates the 11-unit property as part of its co-living portfolio. The non-recourse, fixed-rate loan features a 60-month term with flexible pre-payment terms and partial-term interest-only payments.