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LOS ANGELES — Ready Capital has closed a $48 million loan to refinance a 17-property multifamily portfolio in Los Angeles. The non-recourse, hybrid loan features a 20-year term, 30-year amortization and yield maintenance prepay.
The collateral consists of garden complexes totaling 232 units with construction dates ranging from 1928 to 1991 and an average occupancy above 95 percent. The majority of the properties are located in San Fernando Valley.
The undisclosed sponsor has owned the properties in the portfolio for a range of two to 18 years.