NEW YORK, Feb. 06, 2019 (GLOBE NEWSWIRE) — Ready Capital National Bridge Originations Team announces the closing of acquisition, renovation, redevelopment and lease-up loans for approximately $100 Million in five states.
The Charlotte, NC loan is to finance the acquisition, renovation, and lease-up of an approximately 30,000 SF, class B, retail center located in the Midtown/South End Submarket of Charlotte, NC. The Property is located about 2 miles south of Bank of America Stadium, home of the Carolina Panthers football team. The Property is currently 35% occupied with below market rents. Ready Capital closed the $8.4 MM, nonrecourse, interest only, floating rate loan that features a 36-month term with two 12-month extension options, flexible pre-payment, and is inclusive of a facility to provide future funding for capital expenditures, tenant leasing costs, and interest and operating reserves.
The Portland, OR loan is to finance the acquisition, renovation, and lease-up of a 93 unit, multifamily portfolio located in the Central Business District Submarket of Portland, OR. Upon acquisition, the sponsor plans to invest in unit and common area upgrades. In addition to the multifamily units, 3,000 SF of retail space will be leased on the street level of Gallery Park. Ready Capital closed the $14.5 MM, nonrecourse, interest only, floating rate loan that features a 36-month term with two 12-month extension options, flexible pre-payment, and is inclusive of a facility to provide future funding for capital expenditures and interest reserves.
The San Francisco, CA loan is for the refinance, redevelopment, and lease-up of an approximately 28,000 SF, 55 bed, co-living property located in the Civic Center Submarket of San Francisco, CA. The Sponsor’s redevelopment agenda includes a gut renovation of the entire building to convert it from a commercial property to a co-living, multifamily property, with a small retail space on the ground level. The redevelopment includes structural/seismic modifications, the addition of a floor, sublevel excavation, the addition of a roof deck, leveling floors, and the addition of an elevator. Ready Capital closed the $14.5 MM, nonrecourse, interest only, floating rate loan that features a 24-month term with one 12-month extension option, flexible pre-payment, and is inclusive of a facility to provide future funding for capital expenditures and interest and carry reserves.
The Tampa, FL loan is to finance the acquisition, repositioning, and lease-up of 77 units of a 96 unit, Class A, condominium property located in the Northeast Tampa Submarket of Tampa, FL. Upon acquisition, the Sponsor intends on taking majority ownership of the property and stabilizing the asset. Ready Capital closed the $8.9 MM, nonrecourse, interest only, floating rate loan that features a 24-month term, with a 12-month extension option, flexible pre-payment, and is inclusive of a facility to provide future funding for a unit buyout and interest reserve.
The second Charlotte, NC loan is financing for the acquisition, renovation, and lease-up of an approximately 164,000 SF, Class A, office portfolio located at 9140 and 9144 Arrowpoint Blvd. The ArrowPoint Portfolio is located in the Airport Submarket of Charlotte, NC. The loan will be used to enhance the exterior & interior of the properties, including common area improvements and general upgrades. Ready Capital closed the $12.0 MM, nonrecourse, floating rate loan that features a 36-month term, flexible pre-payment, and is inclusive of a facility to provide future funding for capital expenditures, tenant leasing costs, and an interest reserve.
The San Antonio, TX loan is for the acquisition, renovation, and stabilization an approximately 113,000 SF, Class B flex property located in the Northwest Submarket of San Antonio, TX. The property will undergo minor capital expenditures to improve its exterior condition. In addition, the Sponsor intends to engage an institutional leasing and property management team to increase rental rates to market levels as the in-place tenants roll. Ready Capital closed the nonrecourse, floating rate loan that features a 36-month term, flexible pre-payment, and is inclusive of a facility to provide future funding for capital expenditures and tenant leasing costs.
The Houston, TX loan is for the acquisition, renovation, and lease-up of a 438-unit, Class B, multifamily property located in the Alief Submarket of Houston, TX. Upon acquisition, the Sponsor will execute capital improvements to unit interiors, update property signage, and add reserved parking to the amenity package. Ready Capital closed the $28.3 MM, nonrecourse, interest only, floating rate loan that features a 36-month term with two extension options, flexible pre-payment, and is inclusive of a facility to provide future funding for capital expenditures.
The Freeport, TX loan is for the acquisition, renovation, and lease-up of a 158-unit, multifamily property located in the South Highway 35 Submarket of Freeport, TX. The loan will enable to the Sponsor to renovate units and undertake common area improvements to upgrade the Property. Ready Capital closed the $7.9 MM, nonrecourse, interest only, floating rate loan that features a 24-month term, with a 12month extension option, flexible pre-payment, and is inclusive of a facility to provide future funding for a capital expenditure reserve.
The second Houston, TX loan is for the refinance and lease-up of a 42-unit, Class A, multifamily property located in the Neartown-Montrose Submarket of Houston, TX. The loan will refinance an existing construction loan and allow the Sponsor to lease-up the property. Ready Capital closed the $5.6 MM, nonrecourse, interest only, floating rate loan that features a 24-month term, with one extension option, flexible pre-payment, and is inclusive of a facility to provide future funding for operating and interest reserves.
The Miami, FL loan is for the acquisition, renovation, and lease-up of an approximately 8,000 SF, vacant, industrial warehouse in Miami, FL. The property is located in the Wynwood Submarket of Miami. The loan will be used to convert the building into an urban retail plaza consisting of a rentable retail space, an open courtyard, and increase its rentable square footage with the installation of mezzanine levels. Ready Capital closed the $4.9 MM, nonrecourse, interest only, floating rate loan that features a 36-month term with two extension options, flexible pre-payment, and is inclusive of a facility to provide future funding for capital expenditures, tenant leasing costs, and interest & carry reserves.
For more information, contact: Managing Director – Chief Production Officer David A. Cohen, [email protected]
About Ready Capital: Ready Capital (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services small- to medium-sized balance commercial loans. Our National Bridge Originations team offers non-recourse financing on transitional, value-add and event-driven commercial and multifamily real estate opportunities. Ready Capital is a direct lender that provides comprehensive financing solutions to real estate owners, investors and small business owners, which generally range in original principal amounts between $2 – $35 million and portfolios up to $100 million.
This press release contains statements that constitute “forward-looking statements,” as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. These statements are based on management’s current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements; the Company can give no assurance that its expectations will be attained. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
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