Ready Capital Closes Two Acquisition Loans for Industrial Properties in Pennsylvania
NORRISTOWN AND PERKASIE, PA. — Ready Capital has closed two loans for the acquisition, renovation and lease-up of two Class B, industrial properties in Pennsylvania. The properties are located in Norristown and Perkasie, two northern suburbs of Philadelphia. The two buildings comprise approximately 220,000 square feet. Upon acquisition, the sponsor will implement capital improvements at each property, while simultaneously leasing to market occupancy. The nonrecourse loans are structured with floating interest rates, 36-month terms, two extension options, flexible prepayment and facilities to provide future funding for capital expenditures, tenant leasing costs and interest and operating shortfalls. The loan amounts, property names and sponsors were undisclosed.