SOURCE: Ready Capital Structured Finance

Ready Capital Structured Finance

September 20, 2016 16:08 ET

Ready Capital Structured Finance Closes Retail Center for $19.9MM

Upscale Vintage Retail Center in California to Undergo Modern Updates

NEW YORK, NY--(Marketwired - Sep 20, 2016) - Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, announces the closing of Bristol Place Shopping Center in Santa Ana, California for the approximate funding of $19.9 million.

The refinancing, renovation and stabilization of a 62,800 square foot retail center, shadow anchored by Target is located in the Central County submarket of Santa Ana, California. The Sponsor plans to reinvigorate the 1980's vintage center through an exterior modernization of the center, and the conversion of several retail suites from traditional retail space to restaurant space to be able to capitalize on the high demand for food users in the immediate demographic area. Ready Capital Structured Finance closed the non-recourse interest-only loan that features a three-year term and one-year extension option, flexible pre-payment and includes a facility to provide for the future funding for capital expenditures, tenant improvements and leasing commissions.

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, 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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