Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, announces the closing of non-recourse loans in Florida, Kentucky, Arizona and New York totaling $25 million.
The Miami, Florida loan is for the acquisition, renovation and stabilization of a three-story, approximately 47,000 square foot mixed-use building at 3415 NE 2nd Avenue in the Biscayne Corridor of the Edgewater neighborhood of Miami. The collateral is a class-B building that will have first floor retail, second and third floor office, and includes 104 onsite parking spaces. Ready Capital Structured Finance closed the $11.0 million non-recourse fixed-rate loan that features a 36-month term with one extension option, flexible pre-payment, and is inclusive of facilities to provide future funding for capital improvements, leasing costs, and interest and carry reserves.
The Louisville, Kentucky loan is for the acquisition, renovation and stabilization of a 94-unit, garden style apartment complex located at 2601 Lindsay Avenue in the East Central submarket. The Sponsor is planning interior renovations, inclusive of granite counter tops, washer/dryer hooks ups, and new flooring and trim. In addition, exterior renovations include upgraded landscaping, pool and playground areas, as well as fresh painting, and enhanced security. Ready Capital Structured Finance closed the $5.3 million non-recourse interest-only loan that features a 36-month term, flexible pre-payment, and is inclusive of a facility to provide for capital expenditures and an interest reserve.
The Phoenix, Arizona loan is for the refinance, repositioning and stabilization of a 26,134 square foot office asset located at 411 S 1st Street in the downtown Phoenix Warehouse District. The Sponsor plans to fully renovate the interior and exterior of the property featuring open floor plans and high ceilings for a single tenant user who has executed a long-term lease for the entire building. Ready Capital Structured Finance closed the $5.1 million non-recourse interest-only loan that features a 24-month term with two extension options, flexible pre-payment, and is inclusive of a facility to provide for capital expenditures, tenant improvements, leasing commissions, and interest and carry reserves.
The New York, New York loan is for the refinance, reposition and stabilization of a 3,680 square foot mixed-use asset located at 1 White Street in New York City's Tribeca neighborhood. The Sponsor plans to renovate the interior and exterior of the property featuring a three-story residential triplex with roof top patio and ground floor retail. Ready Capital Structured Finance closed the $3.6 million non-recourse interest-only loan that features a 24-month term, flexible pre-payment, and is inclusive of a facility to provide for capital expenditures, leasing commissions, and interest and carry reserves.
About Ready Capital Structured Finance
Ready Capital Structured Finance, headquartered in New York City, is a nationwide commercial real estate bridge and mezzanine lender offering non-recourse financing on transitional, value-add and event-driven commercial and multifamily real estate opportunities. Led by a veteran team of industry professionals, Ready Capital Structured Finance is a division of a subsidiary of Sutherland Asset Management Corporation (NYSE "SLD"), a full-service real estate finance company externally managed by Waterfall Asset Management, LLC. Sutherland, a commercial mortgage REIT, is a real estate finance company that acquires, originates, manages and finances commercial real estate loans and real estate-related securities.
