Ready Capital Closes $24.8M Acquisition Loan for Multifamily Property in Cincinnati

CINCINNATI — Ready Capital has closed a $24.8 million loan for the acquisition, renovation and stabilization of a 234-unit multifamily property in the Forest Park submarket of Cincinnati. The undisclosed borrower plans to implement a capital improvement program for the Class B property with plans to renovate unit interiors, property exteriors and common areas. The nonrecourse loan features a three-month term, floating rate and interest-only payments.