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Ready Capital Closes $15M Loan for Student Housing Acquisition, Conversion in Birmingham

Ready Capital

The undisclosed sponsor plans to transform the property from student housing to traditional multifamily through a rebranding and renovation program.

BIRMINGHAM, ALA. — Ready Capital has closed a $15 million loan for the acquisition, conversion, renovation and stabilization of an unnamed, 176-unit student housing property in Birmingham. The undisclosed sponsor plans to transform the property from student housing to traditional multifamily through a rebranding and renovation program. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options and is inclusive of a facility to provide future funding for capital expenditures and interest shortfalls.

Content Partners
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Walker & Dunlop

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