NEW YORK, NY--(Marketwired - Jan 4, 2017) - Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, announces the closing of non-recourse loans in New Jersey and California, totaling $21 million.
The Bordentown, New Jersey loan is for the acquisition of an approximately 275,631 square foot industrial warehouse property at 201 Elizabeth Street, located in the South Burlington County submarket of Bordentown, New Jersey. The property, which houses the BAI soft drink distribution operations, has clear ceiling heights of 24 feet, column spacing of over 40 feet, and easy access to the New Jersey turnpike. Ready Capital Structured Finance closed the $11 million non-recourse interest-only loan that features a 36-month term with two extension options and flexible pre-payment, and is inclusive of a facility to provide future funding for capital expenditures, interest and carry reserves.
The Newport Beach, California loan is for the acquisition, renovation and stabilization of an approximately 44,434 square foot Class B office property at 4440 Von Karman Avenue, located in the John Wayne Airport office submarket of Newport Beach, California. The three-story property is located in the master planned Koll Center, a mixed-use development that is 1.5 miles from the recently renovated John Wayne Airport. Ready Capital Structured Finance closed the $10 million non-recourse interest-only loan that features a 36-month term with two extension options, flexible pre-payment, and is inclusive of a facility to provide future funding for capital expenditures, interest and 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.