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PHOENIX — Ready Capital has closed $11.7 million in financing for the acquisition, renovation and stabilization of a 98-unit, Class B apartment community in Phoenix’ Southwest Valley submarket. Upon acquisition, the undisclosed borrower will update the unit interiors and perform exterior capital expenditures.
Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options and a facility to provide future funding for capital expenditures.