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CHICAGO — Ready Capital has closed on a $7.7 million loan for the acquisition, renovation and stabilization of a 52-unit, Class B multifamily and retail property within Chicago’s Edgewater neighborhood. The sponsor will complete capital improvements to all units, upgrade common-area amenities and renovate the ground-floor retail spaces. The nonrecourse, interest-only loan features a floating rate, 36-month term, two extension options, flexible pre-payment and is inclusive of a credit facility to provide future funding for capital expenditures, tenant leasing costs and interest shortfall. The name of the borrower and property were not disclosed.