Ready Capital Secures $36M in Short-Term Financing for 3 Assets

By Mihaela Coste

Rivergate Center, Kansas City, Mo.

New York—Ready Capital Structured Finance has recently announced the closing of three non-recourse loans in the total combined amount of $35.9 million, for properties located in Kansas City, Mo., New York and Los Angeles.

The company secured a $13.3 million non-recourse fixed-rate loan that features a 60-month term with 48 months interest-only and is inclusive of a facility to provide future funding for capital expenditures and leasing costs for an industrial portfolio located in Kansas City. The portfolio encompasses two properties—Rivergate Center and Midtown Park. The first property is a five-building, 238,976-square-foot industrial asset situated at 1500-1634 N. Topping Road, which offers variable suite sizes, providing leasing flexibility and the ability to attract and maintain tenants with expansion capability. The second property is situated at 4900-5346 Winner Road and encompasses 320,400 square feet divided into two office/warehouse buildings and two warehouse/distribution buildings. Both properties offer immediate rail and highway access for distribution efficiency.

Ready Capital arranged a floating-rate $10.7 million non-recourse interest-only loan that features a 12-month term with two extension options and flexible prepayment for the recapitalization, renovation and stabilization of a 60-unit condominium property located in the Bay Ridge neighborhood of Brooklyn, New York. The property situated at 9511 Shore Road is part of a 104-unit seven-story condominium asset built in 1957, which offers unobstructed water views of the Narrows and Verrazano Bridge.

The third asset, benefiting from a floating-rate non-recourse interest-only loan in the amount of $11.85 million, is a 17,600-square-foot mixed-use asset located at 1485-1501 W. Sunset Blvd., in the Echo Park neighborhood of Los Angeles. The loan features a 36-month term with one extension option, flexible prepayment, and is for the acquisition, repositioning and stabilization of the asset. The property completed in 1928 is being fully renovated to provide 14,600 square feet of retail space and five residential units. The property will also include ample parking to accommodate the retail tenants.

Ready Capital Structured Finance is a nationwide commercial real estate bridge and mezzanine lender that provides non-recourse financings of up to $25 million for cash flowing and non-cash flowing properties, with flexible prepayment schedules and customized structuring.

Image via Google Street View