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GLENDALE, ARIZ. — Ready Capital has closed $29.4 million in financing for the acquisition and renovation of a 208-unit, Class B apartment property in Glendale. Upon acquisition, the undisclosed borrower will perform capital improvements to the unit interiors and property exteriors.
Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options and a facility to provide future funding for capital expenditures.