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Ready Capital Closes $9.2M Loan for Condo Deconversion in Madison, Wisconsin

MADISON, WIS. — Ready Capital has closed a $9.2 million loan for the acquisition, renovation and deconversion of a 152-unit fractured condominium property in Madison. The undisclosed borrower plans to acquire 84 of the Class B property’s units and implement a capital improvement plan. Planned upgrades include landscaping, amenity and common area improvements and painting. The floating-rate loan features a 36-month term and includes a facility to provide future funding for capital expenditures and additional unit buyouts.

Content Partners
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Walker & Dunlop

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