Ready Capital Closes $4.3M Bridge Loan for Multifamily Property in Glendale

by Amy Works

GLENDALE, ARIZ. — Ready Capital has closed a $4.3 million bridge-to-Freddie Mac financing for the acquisition, renovation and stabilization of an apartment community in Glendale.

Upon acquisition, the undisclosed sponsor will implement a capital expenditure plan for the property’s 42 units and common areas.

Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 24-month term, two extension options and is inclusive of a facility to provide future funding for capital expenditures. Additionally, the sponsor has the ability to execute a low-cost refinancing with Ready Capital’s Freddie Mac SBL loan program.

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