Ready Capital Closes $7.5M Loan for Industrial Property in City of Industry, California
CITY OF INDUSTRY, CALIF. — Ready Capital has closed $7.5 million in financing for an industrial property located in the City of Industry that is currently.
The undisclosed borrower will implement a strategy to sign new leases at market rents and extend the weighted average lease term across the 85,000-square-foot property. The borrower plans to achieve market rents through the completion of tenant improvements and minor capital upgrades to the property.
Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 48-month term, one extension option, flexible prepayment and a facility to provide future funding for capital expenditures.