Ready Capital Closes Five-Property Multifamily Bridge Loan
On December 13, 2021, Ready Capital Corporation (NYSE: RC) announced the successful closure of a significant acquisition involving a five-property, 1,070-unit multifamily portfolio in the Dallas-Fort Worth area. The transaction is the largest of several notable Bridge deals by Ready Capital in 2021. A non-recourse, interest-only loan with a 36-month term and flexible prepayment options was secured in November. WindMass Capital will execute a capital improvement plan to enhance the properties. The company anticipates further opportunities in Texas and a robust deal pipeline heading into 2022.
- Successfully closed a significant acquisition of a 1,070-unit multifamily portfolio in Dallas-Fort Worth.
- Secured a flexible, non-recourse bridge loan with favorable terms.
- Plans for capital improvements may enhance property value and investor returns.
- Expecting a strong deal pipeline and further opportunities in Texas.
- None.
NEW YORK, Dec. 13, 2021 /PRNewswire/ -- Ready Capital Corporation (NYSE: RC) ("Ready Capital" or the "Company") today announced the closing for the acquisition, renovation, and stabilization of a five-property, 1,070-unit, garden style, multifamily portfolio located across multiple submarkets of the Dallas-Fort Worth metropolitan statistical area (MSA). This transaction is the largest of several notable Bridge deals closed by Ready Capital's Bridge team during 2021.
Ready Capital closed in November the non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, and flexible prepayment. The Sponsor, WindMass Capital, will implement a capital improvement plan to renovate unit interiors, upgrade property exteriors and common areas and address deferred maintenance.
"This successful close validates our approach in providing unique loan structures to meet the needs of our clients," said David A. Cohen, Managing Director and Co-Head of the National Bridge Lending platform at Ready Capital. "We continue to see further opportunities in Texas and throughout the Sun Belt and have a healthy pipeline of deal flow as we head into 2022 on the back of an exceptionally strong year."
"The Ready Capital team continues to find creative solutions and has demonstrated again that they are a dependable lender for our clients to rely upon for bridge financing," said Will Hancock, senior vice president – debt & equity at Northmarq, who worked with Senior Vice Presidents Lauren Bresky and Joel Heikenfeld to arrange the financing on behalf of WindMass. The properties were marketed for sale by Northmarq's Dallas Investment Sales team that includes Taylor Snoddy, James Roberts, Philip Wiegand, and Eric Stockley.
About Ready Capital Corporation
Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services small to medium balance commercial loans. Ready Capital specializes in loans backed by commercial real estate, including agency multifamily, investor and bridge as well as SBA 7(a) business loans. Headquartered in New York, New York, Ready Capital employs over 500 lending professionals nationwide. The company is externally managed and advised by Waterfall Asset Management, LLC.
Ready Capital Corporation Contacts
Media Relations:
PR@readycapital.com
Investor Relations:
InvestorRelations@readycapital.com
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SOURCE Ready Capital Corporation
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