SOURCE: Ready Capital Structured Finance

Ready Capital Structured Finance

December 03, 2015 07:09 ET

Ready Capital Structured Finance Closes $9.975 Million Bridge Loan on Mixed-Use Commercial Property in New York City

NEW YORK, NY--(Marketwired - Dec 3, 2015) - Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, has closed a $9,975,000 value-add loan on a leasehold interest for a mixed-use retail and office commercial property and adjacent undeveloped parcel of land in New York City, on Harlem's vibrant 125th Street. 

The iconic building at 313-315 West 125th Street is situated in a burgeoning retail corridor anchored by strong national brands and a swell of retail, office and residential development projects that continue to transform the Harlem thoroughfare. Just one block from the Apollo Theater, the subject property is surrounded by retailers including Old Navy, Banana Republic Factory Store and DSW, along with renovated properties that honor the neighborhood's architecture and character.

Ready Capital Structured Finance funded a $9.975 million loan for the acquisition, renovation and stabilization of the vacant 27,145 square-foot mixed-use retail and office property on 125th Street, plus a 4,166 square-foot undeveloped land parcel directly behind the property, at 316 West 126th Street. The loan features a two-year term with one-year extension and is structured in the program that advances up to 80 percent loan-to-cost (LTC).

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. 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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