SOURCE: Ready Capital Structured Finance

Ready Capital Structured Finance

January 26, 2016 10:01 ET

Ready Capital Structured Finance Closes $18 Million Non-Recourse Loan on Creative Office Building in Dallas

NEW YORK, NY--(Marketwired - Jan 26, 2016) -  Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, announced it has closed a loan totaling $18 million for the recapitalization of an office building in Dallas, TX.

The impressive 18-story, 183,000 square-foot office building is located on Ervay Street in the heart of downtown Dallas's central business district. Known locally as Alto 211, the building originally catered to traditional office users but has undergone substantial renovations transforming it into modern, creative office space that has already secured a brisk lease-up with new tenants. Ready Capital Structured Finance funded an $18 million loan for the building's recapitalization and stabilization. The non-recourse loan features flexible pre-payment with a three-year term and two one-year extension options, including a facility to provide future fundings encompassing tenant improvements, leasing commissions and capital expenditures.

Ready Capital Structured Finance originates, manages and finances non-recourse floating and fixed rate loans of up to five years on transitional, value-add and event-driven commercial and multifamily real estate opportunities. Senior loan amounts are up to $25 million, larger on a case-by-case basis, to middle-market and institutional commercial real estate sponsors. The bridge lender offers short-term, interest-only loans with advances up to 80 percent, for cash flowing and non-cash flowing properties, with flexible prepayment schedules and customized structuring. 

For more information, contact Managing Director, David Cohen, at dcohen@rclending.com.

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, a full-service real estate finance company managed by Waterfall Asset Management. 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.

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