NEW YORK CITY AND WEST DEPTFORD, N.J. — Ready Capital Structured Finance has closed two non-recourse loans totaling $12.3 million in Brooklyn and West Deptford.
In the first transaction, Ready Capital closed a $7.9 loan for the acquisition, renovation and conversion of a 12,000-square-foot private residence into a six-unit condominium residence at 277 First St. in Brooklyn’s Park Slope neighborhood.
Simultaneous with the closing, the undisclosed sponsor acquired 2,000 square feet of air rights through an adjacent parcel to reclassify the additional square footage. The interest-only loan includes an 18-month term with one extension option and a flexible prepayment feature.
In the second transaction, the company closed a $4.4 million loan for the acquisition, renovation and stabilization of a 106,000-square-foot industrial and office building located at 301 Grove Road in West Deptford.
The undisclosed borrower is renovating the property to increase the industrial space by demolishing the second story office space and removing drop ceilings. The interest-only loan includes a 24-month term with one extension option and a flexible prepayment feature.