Ready Capital Closes Acquisition Loan for 219-Unit Apartment Community in Houston

by Taylor Williams

HOUSTON — Ready Capital has closed a loan of an undisclosed amount for the acquisition and stabilization of a 219-unit apartment community in Houston’s Greenway Plaza submarket. Upon acquisition, the sponsor will use a portion of the loan proceeds to renovate units and achieve market-rent premiums. The nonrecourse loan carried a fixed interest rate, a 60-year term and a declining prepayment schedule. The sponsor and property name were not disclosed.

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