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SEATTLE, WASH. — Ready Capital has closed $14.5 million in financing for the acquisition, renovation and stabilization of an apartment community located in the West Seattle submarket of Seattle. Upon purchase, the undisclosed sponsor will implement a capital improvement plan to renovate unit interiors, upgrade property exteriors and refine curb appeal at the 75-unit, Class B property.
Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures.