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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.