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PHOENIX — Ready Capital has closed a $17.2 million, non-recourse, hybrid-rate loan that is pari passu, part fixed and part floating rate.
The undisclosed sponsor used the financing for the acquisition, renovation, unit buyouts and stabilization of a 146-unit, Class B, fractured condominium property in Phoenix’s Maryvale submarket.
The loan features a 60-month term, flexible prepayment and is inclusive of a facility to provide future funding for the capital expenditure and future unit purchases.