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LOS ANGELES – Ready Capital has provided a $6.1 million loan for a 16,000-square-foot office property in Los Angeles. The property is located at 515 Shatto Place in the Koreatown neighborhood. The funds will be used to acquire, renovate and stabilize the property, which will be converted to creative office space.
The loan features a two-year term with a one-year extension option. It also comes with a funding facility that can provide future capital expenses, tenant improvement and leasing commissions, with an advance of up to 75 percent loan-to-cost.
The borrower was not named.