REBusinessOnline

Ready Capital Closes $3.8M in Bridge-to-Freddie Mac Financing for Multifamily Property in Tucson

TUCSON, ARIZ. — Ready Capital has closed $3.8 million in bridge-to-Freddie Mac agency financing for the acquisition, renovation and stabilization of a 56-unit apartment property located in Tucson’s Acaso submarket.Upon acquisition, the undisclosed sponsor will implement a capital improvement plan to upgrade the asset’s interior and exterior.The non-recourse, floating-rate loan features a 24-month term, two extension options and flexible prepayment. It is inclusive of a facility to …

Estate Cos. Receives $29.5M in Construction Financing for Hotel Redevelopment in South Florida

HIALEAH, FLA. — The Estate Cos., a developer of multifamily projects throughout South Florida, has received approximately $29.5 million in construction financing for the multifamily conversion of a former Ramada Inn at 1950 W. 49th St. in Hialeah. Centennial Bank provided approximately $22.45 million in construction financing, and LV Lending provided a $7 million mezzanine loan.The hotel will be transformed into Alture Westland, a four-story garden-style community with 251 rental units …

Pintar Investment Secures $9.3M Refinancing for Single-Family Rental Community in Winter Haven, Florida

WINTER HAVEN, FLA. — Pintar Investment Co. has secured $9.3 million in refinancing for Lake Lucerne, a 56-unit single-family rental home community in Winter Haven.LendingHome, a San Francisco-based lender for residential investors, provided Pintar with the loan. Pintar chose LendingHome in 2019 to supply a $6.3 million acquisition loan, and Pintar selected LendingHome again to refinance the bridge loan.Built in 2019, Lake Lucerne’s homes feature four-bedroom floor plans averaging …

Ready Capital Closes $43.2M Acquisition Loan for Multifamily Property in Irving

IRVING, TEXAS — New York City-based Ready Capital has closed a $43.2 million loan for the acquisition, renovation and stabilization of a 416-unit multifamily property in Irving. The undisclosed sponsor plans to implement a capital improvement program to upgrade unit interiors and enhance curb appeal. The nonrecourse loan was structured with a 36-month term, floating interest rate, two extension options and a flexible prepayment schedule. The names of the property and seller were not

Ready Capital Closes $9.2M Loan for Condo Deconversion in Madison, Wisconsin

MADISON, WIS. — Ready Capital has closed a $9.2 million loan for the acquisition, renovation and deconversion of a 152-unit fractured condominium property in Madison. The undisclosed borrower plans to acquire 84 of the Class B property’s units and implement a capital improvement plan. Planned upgrades include landscaping, amenity and common area improvements and painting. The floating-rate loan features a 36-month term and includes a facility to provide future funding for capital …

Ready Capital Closes $104M Refinancing for Multifamily Property in San Francisco

SAN FRANCISCO — Ready Capital has closed $104 million in refinancing for a multifamily property located on the border of San Francisco’s SOMA and Mission districts. The name of the borrower was not released.Loan proceeds will be used to retire existing debt and cover interest costs as the 200-unit property is leased up. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide future …

BridgeCore Capital Funds $8.2M Refinancing for Industrial Building in Chino, California

CHINO, CALIF. — BridgeCore Capital has funded a $8.2 million loan for the refinancing of an industrial property in Chino. The undisclosed borrower required a bridge loan to refinance a maturing loan and to fund a partnership buy-out.The non-recourse loan features a 6.5 percent pay-rate during the entire loan term, with the remaining interest accruing to loan pay-off without compounding. The pay-rate structure allowed the borrower to decrease the amount of the interest reserve in order to …

RMR Mortgage Trust Arranges $34.3M Refinancing for Office/Industrial Property in Colorado Springs

COLORADO SPRINGS, COLO. — RMR Mortgage Trust (NASDAQ: RMRM) has arranged a $34.3 million first mortgage, floating-rate bridge loan for the refinancing of an office and industrial asset in Colorado Springs. The property includes a 191,000-square-foot office building and a 97,000-square-foot industrial building located at 10125 and 10205 Federal Drive.RMRM’s manager, Tremont Realty Capital, was introduced to the transaction by Essex Financial Group, which advised the sponsor, Flywheel …

Ready Capital Closes $23.8M in Refinancing for Office Building in Los Angeles’ Studio/Universal Cities Submarket

LOS ANGELES — Ready Capital has closed $23.8 million in refinancing for the renovation and lease-up of an office property located in the Studio/Universal Cities submarket of Los Angeles.The undisclosed borrower will use the loan to refinance an existing loan, build out speculative suites, fund capital improvements and lease the vacant space at the 75,000-square-foot, Class B property.The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, …

Berkadia Secures $11M Fannie Mae Financing for Intrada Westside Affordable Housing Project in Atlanta

ATLANTA — Berkadia has secured $11 million in financing for the development of Intrada Westside, a 143-unit affordable housing property in Atlanta. Carolyn Whatley, Lloyd Griffin and Frank Brown of Berkadia secured financing on behalf of the developer, Missouri-based Vecino Group. The $11 million forward commitment for permanent financing through Fannie Mae’s MTEB Program features a 15-year term with a 35-year amortization schedule. The property is planned to be constructed over a period of …

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