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LOS ANGELES — Ready Capital has closed a $13.7 million loan for the acquisition, renovation and stabilization of a Class C apartment community in Los Angeles’ Eastern San Fernando Valley submarket.
Upon acquisition, the undisclosed borrower will implement a capital improvement plan to renovate the interiors of the 85-unit property and improve curb appeal. Additionally, the borrower plans to address deferred maintenance issues.
The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures and interest shortfalls.