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TUSTIN, CALIF. — Ready Capital has closed a $5.4 million loan for the stabilization of an approximately 43,000-square-foot, Class B office property located in Tustin’s Park Center submarket. The undisclosed sponsor will use loan proceeds to retire existing debt, while continuing its leasing efforts to stabilize the property at market rents.
The non-recourse, floating-rate loan features a 36-month term, flexible prepayment and a facility to provide future funding for tenant leasing costs.