SOURCE: Ready Capital Structured Finance

Ready Capital Structured Finance

December 15, 2016 10:02 ET

Ready Capital Structured Finance Closes Non-Recourse Loans for $7.9 Million in Georgia, $7.9 Million in New York and $4.4 Million in New Jersey

NEW YORK, NY--(Marketwired - Dec 15, 2016) - Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, announces the closing of three non-recourse loans in Georgia, New York and New Jersey, totaling $20.20 million.

The Atlanta, Georgia loan is for the acquisition and stabilization of Pharr Manor Residences, a Class B, 48-unit, garden style condominium complex located in the Buckhead neighborhood of Atlanta, Georgia. The subject property is a collection of 48 individual two-bedroom condominium units sitting on 2.53 acres in the heart of Buckhead which is being converted to a rental property. Ready Capital Structured Finance closed the $7.9 million non-recourse interest-only loan that features a 24-month term with one extension option, flexible pre-payment, and is inclusive of a facility to provide future funding for capital expenditures, interest and carry reserves.

The Brooklyn, New York loan is for the acquisition, renovation and conversion of an approximately 12,000 square foot private residence into a 6-unit condominium residence (80 percent complete at the time of closing) located at 277 1st Street in the Park Slope neighborhood of Brooklyn, New York. Simultaneous with the closing, the Sponsor purchased approximately 2,000 square feet of air rights through an adjacent parcel to reclassify the additional square footage. Ready Capital Structured Finance closed the $7.9 million non-recourse interest-only loan that features an 18-month term with one extension option, flexible pre-payment, and is inclusive of a facility to provide future funding for capital expenditures, interest and carry reserves.

The West Deptford, New Jersey loan is for the acquisition, renovation and stabilization of an approximately 106,000 square foot industrial warehouse / office building located at 301 Grove Road in West Deptford, New Jersey. With the increasingly lower vacancy in the South New Jersey submarket, the property is being renovated to increase the industrial space by demolishing the second story office space and removing drop ceilings. Included in the collateral is an additional 4-acre parcel of land that allows for the possibility of expansion. Ready Capital Structured Finance closed the $4.4 million non-recourse interest-only loan that features a 24-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, 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.

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 (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.

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