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MESA, ARIZ. — Ready Capital has closed a $12.2 million loan for the acquisition, renovation and stabilization of an apartment community located in Mesa, a suburb of Phoenix.
Upon acquisition, the undisclosed sponsor will implement a capital improvement plan to upgrade the 146 unit interiors and property exterior. Capital improvements will include new paint, new cabinets, vinyl-plank flooring, stainless steel appliances, upgraded landscaping and upgraded HVAC/electrical/utility systems.
Ready Capital closed the non-recourse, interest-only, floating-rate loan that features a 24-month term, two extension options, flexible prepayment and a facility to provide future funding for capital improvements.