Ready Capital Structured Finance Closes Value-Add Non-Recourse Loans for $19.7 Million in Florida, $11.3 Million in Georgia and $5.0 Million in California


NEW YORK, NY--(Marketwired - Jul 18, 2016) -  Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, announces the closing of three value-add non-recourse bridge loans in Florida, Georgia and California totaling nearly $36 million.

The Jacksonville, Florida loan for approximately $19.7 million was for the acquisition, renovation and stabilization of Highland Square Shopping Center, a 277,553 square foot retail center that is currently 73 percent occupied and anchored by a Publix grocer and CVS outparcel, as well as a Walgreens shadow anchor. The property is centrally located on Dunn Avenue in Jacksonville, Florida, just a quarter mile west of Interstate-95. The non-recourse loan features flexible pre-payment with a 42-month term and two one-year extension options, inclusive of a facility to provide for specific future tenant re-leasing reserves and a future funding for general tenant improvements, leasing commissions and capital expenditures.

The Atlanta, Georgia loan for approximately $11.3 million was for the acquisition, renovation and stabilization of a 335,000 square foot retail power center which is centrally located within Stone Mountain's prime retail corridor at the intersection of Stone Mountain Highway 78 and Rockbridge Road Southwest (approximately 20 miles northeast of downtown Atlanta). The property is currently anchored by Marshall's, Big Lots, and Ross Dress for Less in addition to the Stone Mountain Community Center, an activity and fitness center serving the community of Stone Mountain. The acquisition was a REO purchase from a special servicer. Ready Capital Structured Finance closed the transaction in less than two weeks with a non-recourse short-term loan, which was inclusive of a facility to provide for future funding of tenant improvements, leasing commissions and capital expenditures.

The Sacramento, California loan for approximately $5.0 million was for the acquisition, renovation and stabilization of a multifamily complex, located off Marconi Avenue, approximately 1.5 miles from the Capital City Freeway, which connects the property to downtown Sacramento, California. The property is a 92-unit, two-story multifamily community that will benefit from a capital expenditure plan for interior and exterior renovations. Ready Capital Structured Finance closed the transaction in less than three weeks, which featured a two-year (with a one year extension) non-recourse loan with flexible pre-payment, and inclusive of a facility to provide for interest and working capital reserves, and future funding for capital expenditures.

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. Ready Capital Structured Finance offers short-term, interest-only, non-recourse bridge 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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Amy Kauffman