SOURCE: Ready Capital Structured Finance

Ready Capital Structured Finance

May 04, 2016 13:17 ET

Ready Capital Structured Finance Closes DFW Airport Office Portfolio for $10.5 Million in Dallas

NEW YORK, NY--(Marketwired - May 4, 2016) - Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, announces the closing of DFW Airport office portfolio for the approximate funding of $10.5 million.

The Dallas, Texas loan for a funding of $10.5 million is for the refinance and stabilization of an office portfolio located at DFW Airport. The properties were recently acquired under a long-term ground lease from the DFW Airport Authority. The portfolio is comprised of two office buildings totaling 188,600 square feet on 17.5 acres; the DFW Business Center (North and South Towers), two class B, four-story office buildings totaling 115,440 square feet and a 950 space garage deck, located between the north and south bound lanes on international Parkway near Terminal B of DFW Airport, and 3200 East Airfield, the Airport's 73,155 square foot, two-story former executive office building on 14.3 acres located at 3200 East Airfield Drive, across from the Flight Safety pilot training facility.

The buildings had historically been used to accommodate the Airport's business operations and executive offices. The Sponsors business plan is to start the exterior renovation of the properties, improving landscaping and upgrading the properties common area with plans to complete interior upgrades upon procuring leases for the buildings. The nonrecourse loan features release provisions and flexible pre-payment with a three-year term and one one-year extension option, inclusive of a facility to provide for interest and carry and future fundings including 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. 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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