SOURCE: Ready Capital Structured Finance

Ready Capital Structured Finance

November 19, 2015 15:09 ET

Ready Capital Structured Finance Closes Two Bridge Loans Totaling $26.7 Million

NEW YORK, NY--(Marketwired - Nov 19, 2015) - Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, has closed two value-add loans on opposite coasts totaling over $26.7 million.

In New York, Ready Capital closed a $17.6 million loan for Penbrooke Meadows, a 350-unit, class B multifamily apartment complex in Penfield, NY. The loan features a three-year term with a one-year extension, and is structured in the stretch senior loan program up to 85 percent loan-to-cost (LTC).

Ready Capital also closed a $9.1 million refinance and renovation loan in Playa Vista, CA, for the Hangars at Playa Vista, which consists of four separate industrial/office buildings totaling 22,675 square feet, as complete. The property will undergo a complete renovation and will be converted to creative office, catering to tenants in the Silicon Beach tech corridor. The 80 percent LTC loan is a two-year with a one-year extension.

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. The bridge 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 is a division of a subsidiary of Sutherland Asset Management Corporation. 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.

Contact Information