NEW YORK, NY--(Marketwired - Mar 28, 2017) - Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, announces the closing of non-recourse loans in Missouri, California and New York, totaling $35.9 million.
The Kansas City, Missouri loan is for the acquisition, renovation and stabilization of an industrial portfolio located in Kansas City, Missouri. Ready Capital Structured Finance was able to bring an innovative fixed rate loan solution to the sponsor. The first property is Rivergate Center, a five-building, 238,976 square foot industrial property located at 1500-1634 North Topping Road. The second property is Midtown Park, a four-building, 320,400 square foot property consisting of two office/warehouse buildings and two warehouse/distribution buildings. The properties are well situated with immediate rail and highway access for distribution efficiency. Ready Capital Structured Finance closed the $13.3 million non-recourse fixed-rate loan that features a 60-month term with 48-months of interest-only and is inclusive of a facility to provide future funding for capital expenditures and leasing costs.
The Brooklyn, New York loan is for the recapitalization, renovation and stabilization of a 60-unit, condominium property at 9511 Shore Road, located in the Bay Ridge neighborhood of Brooklyn, New York. The collateral is part of a 104-unit, seven story, condominium mid-rise with unobstructed water views of the Narrows and Verrazano Bridge. Ready Capital Structured Finance closed a floating rate $10.7 million non-recourse interest-only loan that features a 12-month term with two extension options, flexible pre-payment, and is inclusive of a facility to provide future funding for unit renovations.
The Los Angeles, California loan is for the acquisition, repositioning and stabilization of a 17,600 square foot mixed use asset at 1485-1501 West Sunset Boulevard, which is located in the Echo Park neighborhood of Los Angeles, California. The asset was originally constructed in 1928 and is being fully renovated to provide for 14,600 square feet of retail space and five residential units. The asset will also include ample parking in a market characterized by lack of accessible parking, to accommodate the retail tenants. Ready Capital Structured Finance closed a floating rate $11.85 million non-recourse interest-only loan that features a 36-month term with one extension option, flexible pre-payment, and is inclusive of a facility to provide future funding for capital expenditures, tenant improvements, leasing commissions and interest/carry reserves.
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. Loan amounts are up to $25 million, larger on case-by-case basis, to middle-market and institutional commercial real estate sponsors. The lender offers short-term, interest-only loans with advances up to 80 percent loan-to-cost, for cash flowing and non-cash flowing properties, with flexible prepayment schedules and customized structuring.
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 (NYSE "SLD"), a full-service real estate finance company externally managed by Waterfall Asset Management, LLC. 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.