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COSTA MESA, CALIF. — Ready Capital has closed a $20.1 million loan for the acquisition, renovation and stabilization of Back Bay Center, a mixed-use retail and office property located in the Eastside submarket of Costa Mesa.
The asset features 52,000 square feet of Class B retail and office space.
Ready Capital National Bridge Originations Team closed the non-recourse, fixed-rate loan that features an 84-month term, 48 months of interest-only payments and flexible pre-payment options.