Ready Capital Structured Finance Closes $7.9M Loan for Multifamily Conversion in Buckhead

by John Nelson

ATLANTA — Ready Capital Structured Finance, a commercial real estate bridge and mezzanine lender, has closed on a $7.9 million, interest-only loan for Pharr Manor Residences, a Class B, 48-unit condominium property in Atlanta’s Buckhead district. The undisclosed borrower will use the financing to acquire Pharr Manor and convert the asset into a rental property. Ready Capital Structured Finance closed the non-recourse loan that features a two-year term with one extension option, flexible pre-payment and a facility to provide future funding for capital expenditures, interest and carry reserves.

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