585
MELBOURNE, FLA. — Ready Capital has closed $18.3 million in financing for the acquisition, deconversion, renovation and stabilization of a Class B, fractured condominium property in Melbourne. The property name was not disclosed. Upon acquisition, the sponsor will collapse the property’s homeowner’s association (HOA), complete a deconversion of the units and implement a capital improvement plan to renovate unit interiors. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures and future unit purchases.