NEW YORK, NY--(Marketwired - Feb 18, 2016) - Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, announces the closing of multifamily, storage and retail loans in California and Nevada, for approximate funding totaling over $15.92 million.
The West Hollywood, California loan for a funding of $8.56 million is for the renovation and stabilization of a 75 percent occupied, 24 unit three-story multifamily property located in the Beverly Hills submarket in Los Angeles, California. The loan provides for the renovation and lease-up of the remaining vacant units. The non-recourse loan features a two-year term with a one-year extension option with the ability to earn-out additional proceeds and is inclusive of a facility to provide for future working capital and capital expenditures.
The Corona, California loan for a funding of $3.12 million is for the refinance and stabilization of a self-storage facility consisting of 499 self-storage units totaling 56,704 rentable square footage. The non-recourse loan features a two-year term with a one-year extension option and is inclusive of a facility to provide for capital expenditures. The loan provides for the refinance of an existing CMBS loan. The loan also provides for additional proceeds to implement a capital expenditure plan that includes general capital improvements and rebuilding additional storage units at the property that were demolished due to an eminent domain taking and a temporary easement which was as part of the widening of the 91 Freeway, which abuts the property.
The Las Vegas, Nevada loan for a funding of $4.24 million is for financing the development and stabilization of a 74 percent pre-leased, 32,800 square-foot retail center located in the Southwest Las Vegas submarket of Las Vegas, Nevada. The property has an estimated completion date of the second quarter of 2016. The non-recourse interest only loan features an 18-month loan term with two 6-month extension options.
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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Media contact:
Kristin Seigworth
786-703-3083