Ready Capital Closes $14.5M Refinancing for Renovation of Multifamily Asset in Los Angeles

LOS ANGELES — Ready Capital has closed a $14.5 million for the renovation and conversion of a 26-unit, Class B, three-property multifamily portfolio into a 69-unit co-living portfolio located in the Brentwood and Westwood submarkets of Los Angeles. Four of the existing units will remain traditional multifamily.

The non-recourse, floating-rate loan features a 36-month term, two extension options and flexible prepayment. Additionally, the loan is inclusive of facilities to provide future funding for capital expenditures, tenant buyouts and interest shortfall.

Upon acquisition, the undisclosed sponsor will buyout existing multifamily tenants, implement a capital expenditure plan to convert units to co-living and lease up each building.

Get more news delivered to your inbox. Subscribe to France Media's e-newsletters. Click here.

Related News

Webinars on Demand


Read the Digital Editions

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