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SANTA MONICA, CALIF. — Ready Capital has closed an $18.5 million loan for the acquisition, renovation and stabilization of an approximately 20,000-square-foot, Class C office building in Santa Monica’s Westside submarket.
Upon acquisition, the undisclosed sponsor will convert the traditional office building into a Class B, mixed-use property with second-floor office space and ground-floor retail space, and once complete, lease-up the space.
The non-recourse, floating-rate loan features a 36-month term, two extension options and flexible pre-payment. The financing includes a facility to provide future funding for the capital expenditures, tenant leasing costs and interest and operating shortfalls.