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SUWANEE, GA. — Ready Capital has closed a $14.6 million loan for the acquisition, renovation and stabilization of a four-suite, 131,000-square-foot office property in Suwanee, about 33.4 miles north of Atlanta. The name and address of the property was not disclosed.
Ready Capital closed the non-recourse, interest-only loan that features a floating interest rate, 48-month term and one extension option. The financing is inclusive of a facility to provide future funding for capital expenditures and tenant leasing costs. Upon acquisition, the undisclosed sponsor plans to implement an exterior capital improvement plan to address deferred maintenance and improve curb appeal.