REBusinessOnline

Ready Capital Closes $19.2M in Financing for Multifamily Property in Phoenix

PHOENIX — Ready Capital has arranged $19.2 million in financing for the acquisition, renovation and stabilization of a Class B apartment community located in Phoenix’s Biltmore submarket.

Upon purchase, the undisclosed sponsor will implement a capital improvements plan to renovate the interiors of the 117 units, upgrade the façade and improve landscaping.

Ready Capital closed the non-recourse, interest-only, floating-rate loan with a 36-month term, two extension options and flexible prepayment. The financing is inclusive of a facility to provide future funding for capital expenditures.

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

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