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LOS ANGELES — Ready Capital has closed a $15.5 million, non-recourse, floating-rate loan for a retail and multifamily property located in the Hollywood/Silver Lake submarket of Los Angeles.
Proceeds of the loan will provide financing for the acquisition, renovation and stabilization of the approximately 17,000-square-foot, Class B asset. Upon purchase, the undisclosed sponsor plans to renovate the existing multifamily units with high-end interior finishes, renovate the retail space, and lease-up existing retail space at market rents.
The financing features a 36-month term, two extension options, flexible pre-payment and a facility to provide future funding for capital expenditures, tenant leasing costs, interest and operating shortfalls.