NEW YORK, NY--(Marketwired - Aug 9, 2016) - Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, announces the closing of multifamily and mixed-use (multifamily and retail) loans in New York and Arizona, for approximate funding totaling over $16.45 million.
Financing for the acquisition, renovation and stabilization of 2 mixed-use multifamily and retail properties located in Brooklyn (Greenpoint), NY. The properties are located at the end of Bedford Avenue, which funnels the majority of Northside Williamsburg foot traffic coming to Greenpoint. Located on the same block of 644 Manhattan Ave and a block south of 730 Manhattan Ave is the Nassau Avenue station on the IND Crosstown Line of the New York City Subway served by the G train. Upon acquisition, the Sponsor intends to renovate both buildings, extend the ground floor retail to cater to national tenants, restaurants or boutique stores, and complete the residential lease-up of both properties. Ready Capital Structured Finance closed the nonrecourse interest-only loan that features flexible pre-payment with a two-year term and a one-year extension option, inclusive of a facility to provide for interest and carry reserves and future funding for capital expenditures, tenant improvements and leasing commissions.
Refinancing, renovation and stabilization of a 212-unit multifamily property located in the North Tempe/University submarket of Tempe, AZ. The renovation plan includes making exterior and interior improvements and upgrading the units as leases expire. Ready Capital Structured Finance closed the bridge loan with a flexible prepayment provision so that the loan can be expeditiously refinanced under HUD's 223(f) program. The nonrecourse interest-only loan further features a one-year term and two extension options, inclusive of a facility to provide for the future funding for capital expenditures.
For more information, contact Managing Director, David Cohen, at dcohen@rclending.com or visit www.rclending.com/sf.
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