SOURCE: Ready Capital Structured Finance

Ready Capital Structured Finance

January 13, 2016 08:00 ET

Ready Capital Structured Finance Closes Bridge Loans for $7.1 Million California and $6.2 Million in Texas

NEW YORK, NY--(Marketwired - Jan 13, 2016) - Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, announces the closing of two value-add loans in California and Texas, for approximate funding totaling over $13.3 million.

The California loan for an approximate funding of $7.1 million is for the refinance, renovation and stabilization of a 24,796 square-foot, Class B office building located in Irvine, which is conveniently located near the 405 Expressway and the John Wayne Airport. The property will be repositioned and converted into creative office. The non-recourse loan features a two-year term with a one-year extension option, which is inclusive of a facility to provide for future tenant improvements, leasing commissions and capital expenditures.

The Texas loan for an approximate funding of $6.2 million is for the refinancing of a six-story, 138,663 square-foot, Class A office building in Houston, which was acquired by the Sponsor over 10 years ago. The non-recourse loan features a two-year term with flexible pre-payment terms.

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. Ready Capital Structured Finance 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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