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Ready Capital Closes $9.5M Loan for Apartment Complex in Metro Salt Lake City

Ready-Capital-Midvale-Utah

The renovation plan for the 96-unit apartment complex in Midvale, Utah, includes the addition of a swimming pool and construction of a new leasing office and fitness center.

MIDVALE, UTAH — Ready Capital Structured Finance has secured a $9.5 million loan for the acquisition, renovation and stabilization of an apartment complex located in the Union Park District of Midvale.

The undisclosed borrower plans to renovate the 96-unit property. The plan includes interior upgrades to most units, the addition of a swimming pool to the courtyard, the construction of a new leasing office and fitness center, and various other capital improvements.

The non-recourse, part floating-rate/part fixed-rate loan features a 60-month term, flexible pre-payment terms and is inclusive of a facility to provide future funding for capital expenditures and working capital reserves.

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