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Ready Capital Closes $53.6M Acquisition Financing for Multifamily Property in Atlanta

ATLANTA — Ready Capital has closed a $53.6 million loan for the acquisition, renovation and stabilization of a 294-unit, Class B multifamily property in Atlanta. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the property and mark rents to market. The borrower and property name were not disclosed.

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

The renovations planned at the property include new granite countertops and kitchen cabinets; updates to bathrooms, lighting and paint; and common area and exterior upgrades including a remodeled clubhouse, pool, fitness center, new property signage and an updated playground.

Content Partners
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Walker & Dunlop

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