Ready Capital Closes $36.7M Loan for Multifamily Community in Phoenix’s Deer Valley

by Amy Works

PHOENIX — Ready Capital has closed $36.7 million in financing for the acquisition, renovation and stabilization of a 240-unit apartment property located in Phoenix’s Deer Valley submarket. Upon purchase, the undisclosed borrower plans to fully renovate the remaining legacy units of the property and upgrade exteriors and common areas to help drive the property to stabilization.

The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures.

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