Ready Capital Closes $6M Loan for Acquisition of Multifamily Portfolio in Cleveland

The portfolio comprises four properties and 108 units. The buyer plans to make upgrades.

CLEVELAND — Ready Capital has closed a $6 million loan for the acquisition, renovation and stabilization of a 108-unit, four-property multifamily portfolio in the Shaker Heights submarket of Cleveland. The undisclosed borrower plans to implement a capital improvement program to renovate the units, common areas and exteriors of the Class B properties. The nonrecourse loan features a floating rate and a three-year term.