KANSAS CITY, KAN. — Ready Capital has closed a $5.8 million loan for the acquisition, renovation and stabilization of a 62-unit multifamily property in the South Johnson County submarket of Kansas City. The undisclosed borrower plans to address deferred maintenance and make exterior improvements. The nonrecourse loan features a floating rate and a three-year term.
NORFOLK, VA. — Berkadia has secured $56.2 million in construction financing for Gravity on 400, a 273-unit high-rise multifamily development in Norfolk. Amy Gay of Berkadia Richmond secured the construction financing on behalf of the borrower, Virginia-based Marathon Development Group. The HUD 221(d)(4) loan through the Green MIP Reduction program features a 40-year term and an 85 percent loan-to-cost ratio. Gravity on 400 will feature studio, one-, two- and three-bedroom floor plans. The six-story apartment building will offer first-story garage parking and an elevator. Community amenities will include a fitness center, club room, courtyard with a swimming pool, grilling stations and fire pits. Located at 400 Waterside Drive, Gravity on 400 will be situated off the Elizabeth River and near Interstate 264. Additionally, the property will be located approximately 0.3 miles from the MacArthur Square light rail station and next to the Waterside District, a mixed-use dining and entertainment hub with restaurants, live music and festivals.
THE WOODLANDS, TEXAS — Northmarq has arranged a loan of an undisclosed amount for the refinancing of Havenwood Office Park, a 240,000-square-foot complex in The Woodlands, about 30 miles north of Houston. Warren Hitchcock of Northmarq arranged the fixed-rate loan, which carried a 10-year term with five years of interest-only payments followed by a 30-year amortization schedule. The direct lender and borrower were not disclosed.
GREENVILLE, S.C. — Ready Capital has closed on a $6.6 million financing for the acquisition, renovation and stabilization of a 20-bay, 235,000-square-foot, Class B industrial property in the South/Donaldson submarket of Greenville. The loan is a non-recourse, interest-only, floating-rate loan with a 36-month term and two extension options. The financing includes a facility to provide future funding for capital expenditures, tenant leasing costs and interest and carry shortfalls. Upon acquisition, the property will receive cosmetic updates. The buyer and seller were not disclosed.
AUSTIN, TEXAS — New York City-based Ready Capital has closed a $9.1 million loan for the acquisition, renovation and stabilization of a 90-unit multifamily property located in the Heritage Hills submarket of Austin. The nonrecourse, interest-only loan was structured with a floating interest rate, 36-month term, two extension options and a facility for funding capital improvements. The undisclosed sponsor also plans to convert half the residences into affordable housing.
FAIRFIELD, N.J. — JLL has arranged a $10.5 million loan for the refinancing of Brookplace Luxury Apartments, a 36-unit complex located in the Northern New Jersey community of Fairfield. Built in 2020 and fully occupied at the time of the loan closing, Brookplace Luxury Apartments features one- and two-bedrooms units averaging 1,058 square feet with balconies and patios. Michael Klein, Max Custer and Gerard Quinn of JLL arranged the 15-year, fixed-rate loan through National Life Group on behalf of the borrower, an entity doing business as 74 Passaic Avenue LLC.
GARFIELD, N.J. — New York City-based Ready Capital has closed a $5 million loan for the acquisition and stabilization of an 11-bay industrial property in Garfield, located in Bergen County. The nonrecourse, interest-only loan was structured with a floating interest rate, 36-month term and two extension options. The undisclosed sponsor plans to implement a capital improvement program at the property.
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.
CLEVELAND — Ready Capital has closed a $6 million loan for the acquisition, renovation and stabilization of a 108-unit, four-property multifamily portfolio in the Shaker Heights submarket of Cleveland. The undisclosed borrower plans to implement a capital improvement program to renovate the units, common areas and exteriors of the Class B properties. The nonrecourse loan features a floating rate and a three-year term.
CINCINNATI — Ready Capital has closed an $8.9 million loan for the acquisition, renovation and lease-up of a 197-unit, two-property manufactured housing portfolio within Cincinnati’s Butler County. The buyer plans to remove abandoned homes, purchase new homes and address deferred maintenance. The three-year, floating-rate loan includes a facility to provide future funding for capital expenditures.