Ready Capital Closes $15.8M in Financing for Multifamily Property in Reno


The buyer plans to renovate the 142-unit multifamily property in Reno, Nev.

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.

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

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