Ready Capital Closes $104M Refinancing for Multifamily Property in San Francisco
SAN FRANCISCO — Ready Capital has closed $104 million in refinancing for a multifamily property located on the border of San Francisco’s SOMA and Mission districts. The name of the borrower was not released.
Loan proceeds will be used to retire existing debt and cover interest costs as the 200-unit property is leased up. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for interest shortfalls.