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LOS ANGELES — Ready Capital has closed a $24 million refinancing for a 100-unit apartment community located in the Hollywood submarket of Los Angeles.
The undisclosed borrower will use loan proceeds to retire existing debt, construct additional units and renovate existing units at the property. Capital improvements include kitchen, bathroom and living area upgrades.
Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options and flexible prepayment. The loan includes a facility to provide future funding for capital expenditures and interest shortfalls.