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GLENDALE, ARIZ. — Ready Capital has closed a $4.3 million bridge-to-Freddie Mac financing for the acquisition, renovation and stabilization of an apartment community in Glendale.
Upon acquisition, the undisclosed sponsor will implement a capital expenditure plan for the property’s 42 units and common areas.
Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 24-month term, two extension options and is inclusive of a facility to provide future funding for capital expenditures. Additionally, the sponsor has the ability to execute a low-cost refinancing with Ready Capital’s Freddie Mac SBL loan program.