Ready Capital Closes $11.3M Financing for Adaptive Reuse Project in Charlotte
CHARLOTTE, N.C. — Ready Capital has closed an $11.3 million loan for the recapitalization, redevelopment and lease-up of an approximately 72,000-square-foot, Class B industrial, adaptive reuse project located in northwest Charlotte. Upon closing, the sponsor will reposition the property from industrial/flex to mixed-use (office/retail). The sponsor is targeting creative office and experiential retail tenants and will also carve out an area that will be used as an event space.
The non-recourse, interest-only loan provides future funding for capital expenditures, tenant leasing costs and interest shortfalls. Additionally, it includes a one-time earnout, which the sponsor is eligible for throughout the first 24 months of the loan term. The loan features a 36-month term, two extension options and flexible prepayment. The borrower was not disclosed.