Ready Capital Structured Finance, a nationwide commercial real
estate bridge and mezzanine lender, announces the closing of
non-recourse loans in Washington, Tennessee, North Carolina,
Florida, New Jersey, Illinois, New York and California totaling
approximately $70 million.
The Seattle, Washington loan is for the refinance, renovation,
new construction, and stabilization of a 52-unit, class A,
multifamily property located in the lower Queen Anne submarket of
Seattle. The Bungalows Queen Anne project includes the addition of
two residential floors (28 new units) to the existing two story
mixed-use structure. Ready Capital Structured Finance’s $14.5
million non-recourse, floating rate loan features a 36-month term,
flexible pre-payment, and is inclusive of a facility to provide
future funding for hard and soft costs, tenant improvement, and
leasing commissions.
The Portland, Tennessee and Charlotte, North Carolina loan is
for the acquisition, renovation, and lease up of a two-property
industrial portfolio comprising of 518,000 square feet. The Kirby
Drive property is located in the North Industrial submarket of
Nashville, Tennessee and the Willmar Boulevard property is located
in the State Line Industrial submarket of Charlotte, North
Carolina. The Sponsor plans to complete deferred maintenance and
capital expenditures at both properties in order to execute leases
with long term tenants. Ready Capital Structured Finance closed the
$11.7 million non-recourse, floating rate loan that features a
36-month term, flexible pre-payment, and is inclusive of a facility
to provide future funding for capital improvements to the building,
leasing costs, and interest reserves during the renovation and
lease up.
The Daytona Beach, Florida loan is for the acquisition,
renovation/reflagging, and stabilization of a 110-key, limited
service hotel located on South Atlantic Avenue in the Coastal
Daytona Beach submarket. The Sponsor will complete a substantial
PIP for common area and guest room renovation, re-branding as a
select service, Tapestry Collection by Hilton upon completion. The
property offers easy accessibility to The Daytona Beach
International Airport and Daytona International Speedway, which
hosts NASCAR’s Daytona 500 stock car race. Ready Capital Structured
Finance’s $9.0 million non-recourse, floating rate loan features a
36-month term, flexible pre-payment, and is inclusive of a facility
to provide future funding for the Hotel’s PIP.
The Fair Lawn, New Jersey loan is for the acquisition,
renovation, and lease up of a 137,000 square foot, industrial /
office / retail mixed-use property located in the Route 208
Corridor / NW Bergen submarket. Ready Capital Structured
Finance closed the $8.6 million non-recourse floating rate loan
that features a 36-month term, flexible pre-payment, and is
inclusive of a facility to provide future funding for capital
improvements to the building and leasing costs during the
renovation and lease up.
The Garfield, New Jersey loan is for the refinance, renovation,
and stabilization of a 48,000 square foot, Class B, self-storage
property located on River Drive in the Route 46 Corridor. Ready
Capital Structured Finance closed the $4.8 million non-recourse
floating rate loan that features a 36-month term, flexible
pre-payment, and is inclusive of a facility to provide future
funding for capital improvements to the building, leasing costs,
and interest shortfalls during the renovation and lease up.
The Chicago, Illinois loan is for the refinance and lease up of
a 38,000 square foot, office property located on West Carroll
Avenue located in the Fulton Market / River West submarket. The
property was repositioned from an industrial warehouse to an office
building. Ready Capital Structured Finance closed the $7.9 million
non-recourse floating rate loan that features a 36-month term,
flexible pre-payment, and is inclusive of a facility to provide
future funding for capital improvements to the building, leasing
costs, and interest reserves during the renovation and lease
up.
The New York, New York loan is for the acquisition, renovation,
and stabilization of a 20-unit, mid-rise apartment located in the
Upper East Side submarket. The renovation plan is to gut renovate
most of the units and perform cosmetic common area renovations.
Ready Capital Structured Finance closed the $5.5 million
non-recourse floating rate loan that features a 36-month term,
flexible pre-payment, and is inclusive of a facility to provide
future funding for capital improvements to the building, working
CapEx, and interest reserves.
The San Francisco, California loan is for the acquisition,
renovation, and lease up of a two-building, 23-unit co-living
portfolio. Both properties are located in the West of Van Ness
submarket. Ready Capital Structured Finance closed the $4.4
non-recourse floating rate loans that feature 24-month terms,
flexible pre-payment, and are inclusive of a facility to provide
future funding for capital improvements to the buildings, working
Capex, and interest and operating shortfalls during the renovation
and lease up.
For more information, contact Managing Director, David A. Cohen,
at dcohen@rclending.com.
About Ready Capital Structured
Finance
Ready Capital Structured Finance
(RCSF) 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. RCSF is a direct lender that provides comprehensive
financing solutions to real estate owners, investors and small
business owners, which generally range in original principal
amounts between $2 - $50 million and portfolios greater than $50
million. RCSF 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.
This press release contains statements that constitute
"forward-looking statements," as such term is defined in Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended, and such
statements are intended to be covered by the safe harbor provided
by the same. These statements are based on management's current
expectations and beliefs and are subject to a number of trends and
uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements; the Company
can give no assurance that its expectations will be attained. The
Company undertakes no obligation to update these statements for
revisions or changes after the date of this release, except as
required by law.
Photos accompanying this announcement are available
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