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PORTLAND, ORE. — Ready Capital has closed $7.7 million in financing for the recapitalization, renovation and lease-up of an industrial and office portfolio located in the Lloyd District submarket of Portland.
The sponsor will use loan proceeds to recapitalize funds and repurpose the older industrial buildings into a combination of Class B creative office, commercial kitchen and industrial office space.
Ready Capital closed the non-recourse, floating-rate loan that features a 36-month term, two extension options, flexible pre-payment and a facility to provide future funding for capital expenditures, tenant leasing costs and interest and carry shortfalls.