Ready Capital Provides $44.4M Acquisition Loan for Office Building in Chicago

CHICAGO — Ready Capital has provided a $44.4 million loan for the acquisition and stabilization of a 473,000-square-foot Class B office building in Chicago’s East Loop. The nonrecourse, floating-rate loan will provide funds for the leasing costs associated with extending tenants long term and stabilizing the rent roll at market rents, according to Ready Capital. The loan features a 48-month term and a loan-to-cost ratio of 71 percent, with one extension option and flexible prepayment. The borrower was not disclosed.