Ready Capital National Bridge Team Closes Approximately $225 Million in 11 States in Final Quarter of 2020

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Ready Capital announced the closing of acquisition, refinance, renovation, and redevelopment loans totaling approximately $225 million across 11 states between September and December 2020. Notable transactions include:

$4.7MM for a 260,000 SF industrial property in Hartford, CT.
$10.1MM for an 85,000 SF office property in Los Angeles, CA.
$14.4MM for a 50,000 SF office property in Oakland, CA.
$12.0MM for a 176-unit multifamily property in Tampa, FL.

This financing supports capital improvements and market occupancy goals for various real estate properties.

Positive

Closed approximately $225 million in loans across 11 states, enhancing market presence.
Financing included diverse property types such as multifamily, industrial, and office spaces, indicating strong demand.
Loans feature flexible terms including extension options and facilities for future funding.

Negative

None.

01/14/2021 - 12:18 PM

NEW YORK, Jan. 14, 2021 (GLOBE NEWSWIRE) -- Ready Capital’s National Bridge Originations Team announces the closing of acquisition, refinance, renovation and redevelopment loans for approximately $225 million in 11 states between September 2020 and December 2020.

In October, Ready Capital closed the financing for the acquisition, renovation, and lease-up of an approximately 260,000 SF, Class B, industrial property in the South Windsor submarket of the Hartford, CT MSA. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the property and subsequently lease-up to market occupancy and at market rents. Improvements include drywall partitioning, painting, sealing/striping of the parking lot, roof repairs, landscaping, and more. Ready Capital closed the $4.7MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures, tenant leasing costs, and interest shortfalls.

In October, Ready Capital closed the financing for the acquisition, renovation, and lease-up of an approximately 85,000 SF, Class B, office property in the Upland/Montclair submarket of the Los Angeles MSA. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the property and subsequently lease-up to market occupancy and at market rents. Improvements include new roofing, upgraded HVAC systems, build-out of rent-ready spec suites, and more. Ready Capital closed the $10.1MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, and is inclusive of a facility to provide future funding for capital expenditures and tenant leasing costs.

In November, Ready Capital closed the financing for the acquisition, renovation, and lease-up of an approximately 50,000 SF, Class B, office property in the Alameda submarket of the Oakland/East Bay MSA. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the property and subsequently lease-up to market occupancy and at market rents. Improvements include interior demolition, exterior painting, HVAC replacement, landscaping, and more. Ready Capital closed the $14.4MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures, tenant leasing costs, and interest and carry shortfalls.

In November, Ready Capital closed the financing for the acquisition, renovation, and stabilization of an 80-unit, Class C, multifamily property in the Paradise Valley submarket of Phoenix, AZ. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the property and mark rents to market. Capital improvements include the installation of washers and dryers, vinyl flooring, LED lighting, upgraded appliances and countertops, and more. Ready Capital closed the $7.8MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures and interest shortfalls.

In November, Ready Capital closed the financing for the acquisition, repositioning, and lease-up of an approximately 45,000 SF, Class B, two-property, office/flex portfolio in the Central Boulder submarket of Boulder, CO. Upon acquisition, the sponsor will reposition the buildings from single-story flex/office to Class A creative office/life science space. The repositioned buildings will feature high ceilings, ample parking, and will meet Boulder’s new energy code and allow for new MEP systems for a healthy office building in a post COVID-19 era. Ready Capital closed the $13.3MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures, tenant leasing costs, and interest shortfalls.

In November, Ready Capital closed the financing for the acquisition, build-out, and stabilization of an approximately 160,000 SF, Class B, pre-leased cold-storage facility in the suburban Salt Lake City community of Clearfield, UT. Upon acquisition, the sponsor will work with the pre-leased tenant to execute on the tenant improvement plan prior to occupancy. Improvements include roof repairs, refrigeration and other temperature-controlled build-outs, lighting upgrades, asphalt repairs, and more. Ready Capital closed the $8.5MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for tenant improvements and interest shortfalls.

In November, Ready Capital closed the financing for the acquisition, renovation, deconversion, and stabilization of a 176-unit, Class B, fractured condominium property in the Town N’ Country submarket of Tampa, FL. At close, the sponsor will acquire 110 of 176 units and buyout additional units. The sponsor will implement a capital improvement plan to upgrade the property and mark rents to market. Capital improvements include upgraded countertops, appliances, lighting, roof repairs, landscaping, amenity improvements, painting, and more. Ready Capital closed the $12.0MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures and additional condominium unit buyouts.

In November, Ready Capital closed the refinancing for the renovation and lease-up of an approximately 45,000 SF, three-property, office portfolio in the West Los Angeles submarket of Los Angeles, CA. The loan proceeds will be used to reposition the buildings into a high-quality, creative office campus. Ready Capital closed the $25.2MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide additional funding for capital improvements, tenant leasing costs, and interest and carry shortfalls.

In December, Ready Capital closed the financing for the acquisition, renovation, and stabilization of an approximately 640,000 SF, Class A, industrial property in the 385 Corridor submarket of Memphis, TN. Upon acquisition, the sponsor will either blend-and-extend the existing single-tenant lease or bring the property to market upon the single-tenant’s lease expiration. Ready Capital closed the $18.9MM, non-recourse, interest only, floating rate loan which features a 48-month term, one extension option, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures, tenant leasing costs, and interest and carry shortfalls.

In December, Ready Capital closed the financing for the acquisition, renovation, and lease-up of an approximately 280,000 SF, Class B, two-property, industrial portfolio in the Airport submarket of Memphis, TN. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the properties and subsequently lease-up the portfolio to market occupancy and at market rents. Improvements include upgraded lighting, roof replacements, parking lot repairs, and more. Ready Capital closed the $5.0MM, non-recourse, interest only, floating rate loan which features a 24-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures, tenant leasing costs, and interest shortfalls.

In December, Ready Capital closed the financing for the acquisition, renovation, and stabilization of an 85-unit, Class C, two-property, multifamily portfolio in the Paradise Valley submarket of Phoenix, AZ. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the property and mark rents to market. Capital improvements include the installation of washers and dryers, vinyl flooring, LED lighting, upgraded appliances and countertops, and more. Ready Capital closed the $8.0MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures and interest shortfalls.

In December, Ready Capital closed the financing for the acquisition, renovation, and lease-up of an approximately 320,000 SF, Class B, industrial property in the I-385 Corridor of Greenville, SC. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the property and subsequently lease-up to market occupancy and at market rents. Improvements include roof and HVAC repairs, improved lighting, sprinkler system upgrades, fresh paint, and more. Ready Capital closed the $9.7MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures, tenant leasing costs, and interest and operating shortfalls.

In December, Ready Capital closed the refinancing for the renovation and stabilization of an approximately 20,000 SF, four-property, mixed-use (multifamily/retail) portfolio in the Central Queens submarket of the New York, NY MSA. The loan proceeds will be used to retire existing debt and renovate the existing multifamily units. An earnout will be made available upon the property achieving a pre-determined performance threshold. Ready Capital closed the $9.5MM, non-recourse, interest only, floating rate loan which features a 24-month term, one extension option, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures.

In December, Ready Capital closed the refinancing for the renovation and lease-up of an approximately 120,000 SF, Class A, office property in the Annapolis submarket of the Baltimore, MD MSA. The loan proceeds will be used to retire existing debt, execute a tenant improvement plan, and fund light capital improvements. Ready Capital closed the $19.8MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures, tenant leasing costs, and interest shortfalls.

In December, Ready Capital closed the financing for the acquisition, repositioning, and lease-up of an approximately 24,000 SF, Class B, office/flex property in the Embarcadero submarket of Palo Alto, CA. Upon acquisition, the sponsor will reposition the property from single-story office/flex to a boutique life science office and subsequently lease-up the property to market occupancy and at market rents. The repositioned property will feature a new façade and common area, fresh paint, flooring, and more. Ready Capital closed the $15.0MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures, tenant leasing costs, and interest and carry shortfalls.

In December, Ready Capital closed the financing for the acquisition, renovation, and lease-up of an approximately 210,000 SF, Class B, industrial property in the Airport District submarket of the Detroit, MI MSA. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the property and subsequently lease-up to market occupancy and at market rents. Improvements include interior and exterior painting, upgrades to lighting, flooring, and HVAC. Ready Capital closed the $6.4MM, non-recourse, interest only, floating rate loan which features a 24-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures, tenant leasing costs, and interest shortfalls.

In December, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 330-unit, Class C (Class B as-complete), multifamily property in the Rochester Hills suburb of Detroit, MI. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the property and mark rents to market. Capital improvements include kitchen and bathroom renovations, flooring upgrades, as well as other common area and amenity upgrades. Ready Capital closed the $36.0MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures and interest shortfalls.

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 nonrecourse 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 - $45 million and larger for select assets and portfolios.

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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