Ready Capital Closes $11.8M Loan for Multifamily, Retail Property Acquisition in Los Angeles

by Amy Works

LOS ANGELES — Ready Capital has closed $11.8 million in financing for the acquisition, renovation and stabilization of a 62-unit multifamily and retail asset in the East Hollywood submarket of Los Angeles.

Upon acquisition, the undisclosed borrower will implement a capital improvement plan to renovate unit interiors and building exteriors, as well as common area upgrades. The non-recourse, interest-only, floating-rate loan features a 24-month term, three extension options and a facility to provide future funding for capital expenditures, tenant leasing costs and interest and carry shortfalls.

You may also like