Ready Capital Closes $8.4M Bridge Loan for Two Multifamily Buildings in Brooklyn

NEW YORK CITY — Ready Capital Structured Finance has closed an $8.4 million bridge loan for the acquisition, renovation and stabilization of two vacant multifamily buildings located at 157-159 Wythe Ave. in Brooklyn’s Williamsburg neighborhood. The borrower was Brooklyn Standard Properties. Totaling 8,500 square feet, the three-story buildings feature ground-floor retail space. The assets will undergo a gut renovation, including an extension of the ground floor for commercial use and the addition of one story for residential use. The loan features advances up to 75 percent loan-to-cost, a two-year term with two extension options, along with a funding facility to provide for all future capital expenses and tenant improvement and leasing commissions. Jim Saros of Marcus & Millichap’s Brooklyn office represented the seller, an estate, in the sales transaction.