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RENO, NEV. — Ready Capital has closed $15.8 million in financing for the acquisition, renovation and stabilization of a 142-unit apartment property in downtown Reno.
Upon acquisition, the undisclosed borrower plans to implement a capital improvement plan to renovate unit interiors, convert ground-floor retail space to apartment units, renovate building exteriors and upgrade the common area.
Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options and includes a facility to provide future funding for capital expenditures and interest-and-carry shortfalls.