Ready Capital Closes $8.9M Loan for Multifamily Property in Los Angeles

by Amy Works

LOS ANGELES — Ready Capital has closed a $8.9 million loan for the renovation and lease-up of a 10-unit multifamily property in the Westwood submarket of Los Angeles. The undisclosed sponsor will implement capital expenditures to convert the traditional multifamily units into 34 co-living suites and lease up the property.

The non-recourse, floating-rate loan features a 36-month term, two extension options and flexible prepayment. Additionally, the financing includes a facility to provide future funding for capital expenditures and interest and operating shortfalls.

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