Ready Capital Closes $10.7M Acquisition Loan for Multifamily Property in Suburban Chicago

DES PLAINES, ILL. — Ready Capital has closed a $10.7 million loan for the acquisition, renovation and stabilization of a 120-unit multifamily property in Des Plaines. The undisclosed borrower plans to implement a capital improvement program to address deferred maintenance and renovate unit interiors, building exteriors and common areas. The nonrecourse loan features a floating rate and a three-year term.