Ready Capital Closes $16.4M Refinance Loan for Newly Built Hotel in Gainesville

by Alex Tostado

GAINESVILLE, FLA. — Ready Capital has closed a $16.4 million refinancing loan for a 164-room hotel in Gainesville near the University of Florida. The loan will be used to refinance an existing construction loan, as well as provide funds for the interest reserves needed to stabilize the newly built hotel. Ready Capital closed the three-year non-recourse, floating-rate loan that features interest-only payments and two extension options, on behalf of the undisclosed borrower. Further details of the property were not disclosed.

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