REBusinessOnline

Ready Capital Closes $12M Acquisition Loan for Condo Deconversion in Metro Chicago

The 72-unit condo property will become traditional multifamily space.

ARLINGTON HEIGHTS, ILL. — Ready Capital has closed a $12 million loan for the acquisition and deconversion of a 72-unit, Class B condominium property in the Chicago suburb of Arlington Heights. The undisclosed buyer will deconvert the units and lease the property as traditional multifamily space. The nonrecourse loan features a floating rate and a two-year term. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.

Content Partners
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Walker & Dunlop

Subscribe to the newsletter
Conferences


Webinars on Demand


Read the Digital Editions

Northeast Multifamily & Affordable Housing Business

Midwest Multifamily & Affordable Housing Business

Western Multifamily & Affordable Housing Business

Texas Multifamily & Affordable Housing Business

Southeast Multifamily & Affordable Housing Business

Heartland Real Estate Business

Northeast Real Estate Business

Southeast Real Estate Business

Texas Real Estate Business

Western Real Estate Business

Shopping Center Business

California Centers

Student Housing Business

Seniors Housing Business

Featured Properties