REBusinessOnline

Ready Capital Closes $15.4M Acquisition Financing for Industrial Property in Atlanta

ATLANTA — Ready Capital has closed a $15.4 million loan for the acquisition, renovation and lease-up of an approximately 520,000-square-foot, Class B industrial property in the North Clayton/Airport submarket of Atlanta. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the property, with improvements including lighting upgrades, parking lot resurfacing and painting.

The non-recourse, interest-only loan features a 36-month term, floating interest rate, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures, tenant leasing costs and interest and carry shortfalls. The buyer plans to lease the property aggressively to maximize occupancy at market-rate rents.

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Pavlov Media
‣ Walker & Dunlop

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