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LOS ANGELES — Ready Capital has closed $17.3 million in financing for the acquisition, renovation and stabilization of a 94-unit apartment community in Los Angeles’ Norwalk submarket.
Upon acquisition, the undisclosed borrower plans to implement a capital improvement plan including taking care of deferred maintenance projects while renovating unit interiors, building exteriors and common areas.
Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures.