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ATLANTA — Ready Capital has closed a $28.8 million loan for the acquisition, renovation and stabilization of a 240-unit, Class B, garden-style multifamily property in the Briarcliff submarket of Atlanta. The name of the property and borrower was not disclosed.
Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors and property exteriors. The sponsor also plans to add washers and dryers to each unit.
The non-recourse, interest-only, floating-rate loan features a 36-month term, extension options and flexible prepayment, as well as a facility to provide future funding for capital expenditures.