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TEMPE, ARIZ. — Ready Capital Structured Finance has provided $10.9 million to refinance a 212-unit apartment community in Tempe. The community is situated in the North Tempe/University submarket.
In addition to refinancing the property, the funds will allow the undisclosed borrower to renovate the exterior and unit interiors as leases expire. The non-recourse, interest-only loan features a one-year term and two extension options. It includes a facility that can provide future funding for capital expenditures.
Ready Capital closed the bridge loan with a flexible prepayment provision that will allow the loan to be eventually refinanced under HUD’s 223(f) program.