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COLUMBIA, S.C. — Ready Capital has closed the financing for the acquisition, renovation and stabilization of a 152-unit, Class C multifamily property in southeast Columbia. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors and refine curb appeal. The sponsor also plans to address deferred maintenance issues that will help facilitate stabilization.
The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options and flexible prepayment. The financing also includes a facility to provide future funding for capital expenditures.