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


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.

Get more news delivered to your inbox. Subscribe to France Media's e-newsletters. Click here.

Related News

Webinars on Demand


Read the Digital Editions

Heartland Recent Issue

Northeast Recent Issue

Southeast Recent Issue

Texas Recent Issue

Western Recent Issue

Shopping Center Business

California Centers

Ancillary Retail

Student Housing Business

Seniors Housing Business

Featured Properties