NEW YORK, NY--(Marketwired - Feb 8, 2017) - Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, announces the closing of non-recourse loans in Florida, totaling $15.4 million.
The Miami, Florida loan is for the refinance, renovation and stabilization of an approximately 66,262 square foot mixed use property located at 8300 NE 2nd Avenue in the Little River neighborhood of Miami, Florida. The property was originally constructed in 1951 and is being fully renovated to provide for a food and boutique retail market on the first and mezzanine floors, office space on the second floor, and a roof deck with 360 degree views of Miami. Ready Capital Structured Finance closed the $8.1 million non-recourse interest-only loan that featured a 24-month term with one extension option, flexible pre-payment, and is inclusive of a facility to provide future funding for capital expenditures, tenant improvements, leasing commissions, interest and carry reserves.
The Orlando, Florida loan is for the acquisition, renovation and stabilization of a 170-key, limited-service hotel property at 7701 Universal Boulevard, located in the Tourist Corridor submarket of Orlando, Florida. The five-story property is located 1.5 miles from Universal Studios and provides complimentary shuttle service to both Universal Studios and Disney World. Ready Capital Structured Finance closed the $7.3 million non-recourse interest-only loan that featured a 24-month term with one extension option, flexible pre-payment, and is inclusive of a facility to provide future funding for the hotel's PIP.
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 loan-to-cost, for cash flowing and non-cash flowing properties, with flexible prepayment schedules and customized structuring.
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 (NYSE "SLD"), a full-service real estate finance company externally managed by Waterfall Asset Management, LLC. 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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Managing Director
David A. Cohen