Ready Capital Closes $18.1M in Refinancing for Creative Office Portfolio in Southern California

CULVER CITY, CALIF. — Ready Capital has provided a $18.1 million loan for the refinancing, repositioning and lease-up of a vacant creative office portfolio in Culver City. The loan will be used to reposition the 38,000-square-foot property from traditional office to modern, creative-type finishes and simultaneously provide a facility for tenant lease-up. The name of the borrower was not released.

Ready Capital closed the non-recourse, interest-only, floating-rate loan that features a 36-month term, two extension options and flexible prepayment. Additionally, the loan is inclusive of a facility to provide future funding for the capital expenditures, tenant leasing costs and interest and operating reserves.

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Pavlov Media
‣ Walker & Dunlop

Subscribe to the newsletter

Webinars on Demand

Read the Digital Editions

Northeast Multifamily & Affordable Housing Business

Midwest Multifamily & Affordable Housing Business

Western Multifamily & Affordable Housing Business

Texas Multifamily & Affordable Housing Business

Southeast Multifamily & Affordable Housing Business

Heartland Real Estate Business

Northeast Real Estate Business

Southeast Real Estate Business

Texas Real Estate Business

Western Real Estate Business

Shopping Center Business

California Centers

Student Housing Business

Seniors Housing Business

Featured Properties