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LOS ANGELES — Ready Capital has closed a $6 million loan for the acquisition, renovation and lease-up of a 20-unit, Class B multifamily property located in Los Angeles’ Hollywood/Silver Lake submarket.
The undisclosed sponsor will use the funds to convert a majority of the one-bedroom units into two-bedroom units. The apartments will feature upgraded floors, appliances and cabinetry, as well as other interior improvements.
The non-recourse, floating-rate loan features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures and interest shortfalls