SOURCE: Ready Capital Structured Finance

Ready Capital Structured Finance

December 23, 2015 06:02 ET

Ready Capital Structured Finance Closes $4.6 Million Bridge Loan in the Midwest

NEW YORK, NY--(Marketwired - Dec 23, 2015) - Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, announces the closing of a value-add loan in Cincinnati, Ohio, for $4.6 million.

The $4.6 million loan is for the acquisition, renovation and stabilization for The Crossings of Colerain, a 85,498 square-foot retail property located in the Forest Park area of Cincinnati. The sponsor purchased the Class B property and will begin making certain improvements and implement its leasing plan. The non-recourse loan is structured with a flexible pre-payment schedule and features a two-year term with two extension options, which is inclusive of a funding facility to provide for future 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 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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