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SAN FRANCISCO — Ready Capital has closed a $14.5 million loan for the acquisition, renovation and lease-up of an approximately 30,000-square-foot, Class B office building located in San Francisco’s SOMA district. Upon acquisition, the undisclosed sponsor plans to implement capital expenditures to convert the building to premier creative office/industrial hybrid.
The non-recourse, floating-rate loan features a 36-month term, two extension options and flexible prepayment. Additionally, the loan is inclusive of a facility to provide future funding for capital expenditures, leasing costs and interest shortfalls.