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GLENDALE, ARIZ. — Ready Capital has closed $43.6 million in financing for the acquisition, renovation and stabilization of an apartment community located in Glendale’s South West Valley submarket.
Upon purchase, the undisclosed borrower will implement a capital improvement plan to renovate unit interiors, refine curb appeal, upgrade exteriors and improve landscaping that will help drive the 307-unit, Class B property to stabilization.
Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment, an earn-out option and a facility to provide future funding for capital expenditures.