Ready Capital Structured Finance Closes $4.7M Loan for Retail Space in Manhattan
NEW YORK CITY — Ready Capital Structured Finance has closed a $4.7 million loan for a retail condo located in Manhattan’s Financial District for an undisclosed borrower. The borrower plans to renovate the ground floor and basement space of the 4,900-square-foot property and re-lease the property at market rental rates. The non-recourse, interest-only loan features a 24-month term with one extension option and flexible pre-payment. Additionally, the loan is inclusive of a facility to provide for capital expenditures, leasing costs, interest and carry reserves, as well as an equity earn out if certain performance metrics are achieved.