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TUCSON, ARIZ. — Ready Capital has closed a $6 million loan for the refinance, renovation and lease-up of a 173-unit, Class B student housing property serving the University of Arizona submarket in Tucson.
Upon closing, the sponsor will perform various capital improvements to the unit interiors and property exterior. Renovations will begin with units that are leased for the upcoming school year, but are not yet occupied. Unit renovations to expected to be completed by month 24 of the loan term.
The non-recourse, floating-rate loan features a 36-month term, one extension option and flexible prepayment. Additionally, the financing is inclusive of a facility to provide future funding for capital expenditures.