Ready Capital

Ready Capital Closes $9.3M Loan for Self-Storage Property in Miami Beach

by Julia Sanders

MIAMI BEACH, FLA. — Ready Capital has closed on a $9.3 million loan for the acquisition, renovation and stabilization of a 696-unit, Class A self-storage property in Miami Beach.

Upon acquisition, the sponsor plans to reconfigure the unit mix to drive occupancy and maximize revenue. The non-recourse, interest-only, floating-rate loan features a 48-month term, one extension option and is inclusive of a facility to provide future funding for capital expenditures.

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