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LAS VEGAS — Ready Capital has closed $26 million in financing for the acquisition, renovation and stabilization of a 278-unit apartment in the Central Las Vegas submarket. Upon acquisition, the undisclosed borrower plans to implement a capital improvement program for deferred maintenance and renovating unit interiors, building exterior and common area upgrades.
Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension and options, flexible prepayment and a facility to provide future funding for capital expenditures and interest shortfalls.