Ready Capital National Bridge Team Close An Approximately $17.0 Million Bridge Loan
Ready Capital has successfully closed a $16.9 million value-add bridge loan for an acquisition, renovation, and lease-up of a Class B industrial property in Memphis, TN. This loan, which is non-recourse and interest-only, will facilitate essential improvements including roof restorations and modernized lighting. The financing allows for future capital expenditures and tenant leasing costs. The deal aligns with Ready Capital's strategy to provide flexible financing solutions in transitional real estate markets.
- Closing of a $16.9 million loan enhances asset value through renovation.
- Loan includes flexibility for future funding of capital expenditures.
- Property improvement plans aim to increase market occupancy.
- None.
NEW YORK, Oct. 01, 2020 (GLOBE NEWSWIRE) -- Ready Capital’s National Bridge Lending Team announces the closing of an acquisition, renovation, and lease-up loan for a
In September, Ready Capital closed the financing for the acquisition, renovation, and lease-up of an approximately 800,000 SF, Class B, industrial property in the Southeast Industrial submarket of Memphis, TN. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the property and subsequently lease-up to market occupancy. Improvements include roof restorations, exterior and interior painting, modernized lighting, and various other property upgrades. Ready Capital closed the
Southeast Industrial Submarket of Memphis, TN
https://www.globenewswire.com/NewsRoom/AttachmentNg/a5d32da5-12ae-4b11-8473-fe944d7a91e6
Acquisition, renovation, and lease-up of an approximately 800,000 SF, Class B, industrial property in the Southeast Industrial submarket of Memphis, TN
For more information, contact:
David A. Cohen, david.cohen@readycapital.com
Managing Director – National Bridge Originations
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
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.
FAQ
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