Ready Capital Structured Finance Closes $6M Loan for Mixed-Use Building in SoHo

by Amy Works

NEW YORK CITY — Ready Capital Structured Finance has closed a non-recourse $6 million loan for the acquisition, renovation and stabilization of a mixed-use building in SoHo. The undisclosed sponsor plans to renovate the 7,500-square-foot property, including restoration of the retail portion to white box finish, full interior renovations on each floor, upgrading the building’s systems and re-tenanting the property at market rental rates. The loan features a 24-month term with one extension option, flexible pre-payment and is inclusive of a facility to provide for capital expenditures, leasing costs, and interest and carry reserves.

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