NEW YORK, NY--(Marketwired - May 8, 2017) - Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, announces the closing of non-recourse loans in Florida, Texas and California, totaling $21.2 million.
The Fort Lauderdale, Florida loan is for the acquisition, renovation and stabilization of an eight-story, approximately 66,000 square foot office building at 12 SE 7th Street. The collateral is a class-A office that includes onsite parking and is located south of the river near the Broward County Courthouse. Ready Capital Structured Finance closed the $11.9 million non-recourse fixed-rate loan that features a 36-month term with two extension options, flexible pre-payment, and is inclusive of facilities to provide future funding for capital improvements and leasing costs.
The Austin, Texas loan is the for the acquisition, renovation and stabilization of a 72-unit, multifamily property at 2201 W William Cannon Drive, located in the Southpark neighborhood of Austin. The collateral is class-B, garden style, multifamily property that consists of 7 two-story buildings. Ready Capital Structured Finance closed the $5.7 million non-recourse interest-only loan that features a 36-month term with one extension option, flexible pre-payment, and is inclusive of a facility to provide future funding for capital improvements and interest payments.
The Los Angeles, California loan is for the acquisition, repositioning and stabilization of an 8,500 square foot office asset at 2818 La Cienega Avenue located in the Culver City neighborhood of Los Angeles. The Sponsor plans to fully renovate the interior and exterior of the property featuring open floor plans for the office space and a usable outdoor courtyard on the second floor. The Sponsor also plans to target the rapidly growing creative office tenant base who want to be in the Culver City submarket. Ready Capital Structured Finance closed the $3.6 million non-recourse interest-only loan that features a 24-month term with one extension option, flexible pre-payment, and is inclusive of a facility to provide for capital expenditures, tenant improvements, leasing commissions, and interest and carry reserves.
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