195
TOWN N’ COUNTRY, FLA. — Ready Capital has closed a $12 million acquisition loan for a 176-unit fractured condominium community in Town N’ Country. The undisclosed borrower will use the funds to acquire 110 units and buy out the remaining units, as well as renovate and de-convert the property into a market-rate multifamily property. Capital improvements include upgrading countertops, appliances and lighting, in addition to upgrading the roof, landscaping, amenities and exterior paint. Ready Capital closed the non-recourse, interest-only, floating-rate loan which features a 36-month term, two extension options and flexible prepayment options.