Ready Capital Closes $13.7M Loan for Multifamily Property in Los Angeles

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.

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

Webinars on Demand


Subscribe to the newsletter

Read the Digital Editions

Texas Affordable Housing Business

Southeast Affordable Housing Business

Heartland Recent Issue

Northeast Recent Issue

Southeast Recent Issue

Texas Recent Issue

Western Recent Issue

Shopping Center Business

California Centers

Ancillary Retail

Student Housing Business

Seniors Housing Business

Featured Properties  

2021 Finance Insight Video Interviews