Ready Capital Closes $15.8M Acquisition Loan for Industrial Property in Rahway, New Jersey

by Alex Patton

RAHWAY, N.J. — Ready Capital has closed a $15.8 million loan for the acquisition, renovation and stabilization of an approximately 270,000-square-foot, Class C, industrial warehouse property in Rahway, a southwestern suburb of New York City. The property is situated in the Linden submarket. Upon acquisition, the sponsor intends to implement capital expenditures for roof repairs, façade work and deferred maintenance. The, nonrecourse loan carries a hybrid interest rate, or part-fixed- and part-floating rate. The loan features a 60-month term, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures and tenant leasing costs.

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