REBusinessOnline

Ready Capital Closes $7M Loan for Multifamily Property in Las Vegas

LAS VEGAS — Ready Capital has closed a $7 million loan for the acquisition, renovation and stabilization of a 120-unit, Class B apartment community located in the Paradise Valley East submarket of Las Vegas.

Upon acquisition, the undisclosed borrower will convert the seniors housing property into traditional market-rate multifamily units and upgrade exteriors to help drive the property to stabilization.

Ready Capital closed the non-recourse, interest-only, floating-rate loan that features a 36-month, two extension options, flexible prepayment plan and a facility to provide future funding for capital expenditures.

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Pavlov Media
‣ Walker & Dunlop

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