Ready Capital Closes $24 Million in Loans

NEW YORK — Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender based in NY, has closed on three loans in South Carolina, Oklahoma and California, for funding totaling over $24 million.

The Charleston (Daniel Island), SC loan for a funding of $10.94 million is for the refinance, and prospective-lease-up and stabilization of an approximate 90,500 square foot office building which is 100 percent leased and occupied as a telecom call center with a short-term maturity. Ready Capital Structured Finance has provided a highly-structured, three-year loan with a one-year extension, which is inclusive of a future funded stand-by interest and carry reserve, tenant improvement and leasing commission facility to be utilized by the sponsor in the event that the tenant vacates the building upon lease expiration.

The Tulsa, OK loan for a funding of $8.8 million is for the refinance of the Tulsa Promenade, a 437,000 square foot enclosed super regional mall that is located in the second largest metropolitan area in Oklahoma with convenient access to I-44. Ready Capital Structured Finance has provided a low-leverage non-recourse five-year loan, which is inclusive of a future funded tenant improvement and leasing commission facility to accomplish the lease-up of the rollover at the property.

The Bakersfield, CA loan for a funding of $4.33 million is for the refinance, lease-up and stabilization of a 67 percent leased, 5 building flex/industrial complex totaling 132,770 square feet. Ready Capital Structured Finance has provided a non-recourse two-year loan with a one-year extension, which is inclusive of a future funded leasing commission and capital improvement facility for the sponsor to accomplish the lease-up and to perform renovations which include new HVAC’s, parking lot repairs, landscaping, and signage.

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. Senior loan amounts are up to $25 million, larger on a case-by-case basis, to middle-market and institutional commercial real estate sponsors. Ready Capital Structured Finance offers short-term, interest-only loans with advances up to 80 percent, for cash flowing and non-cash flowing properties, with flexible prepayment schedules and customized structuring.