Ready Capital National Bridge Team Closes Approximately $655 Million in 11 States in First Quarter of 2021

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Ready Capital's National Bridge Originations Team has announced the successful closure of acquisition, refinance, renovation, and redevelopment loans totaling approximately $657 million across 11 states from January to March 2021. Significant transactions include:

$8.8 million for a Class A retail property in New York
$7.7 million for a 110-unit Class C multifamily property in Charlotte
$22.9 million refinancing for a 90-unit Class A multifamily property in Chicago

Overall, these deals are aimed at enhancing property values through strategic renovations and tenant stabilization.

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Closed $657 million in financing across 11 states, indicating strong market presence.
Acquisition and stabilization loans aim to enhance property value through renovations.
Diverse portfolio includes multifamily and commercial properties, mitigating sector risk.

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04/08/2021 - 04:15 PM

NEW YORK, April 08, 2021 (GLOBE NEWSWIRE) -- Ready Capital’s National Bridge Originations Team announces the closing of acquisition, refinance, renovation and redevelopment loans for approximately $657 million in 11 states between January 2021 and March 2021.

In January, Ready Capital closed the financing for the acquisition and stabilization of an approximately 3,000 SF, Class A, retail property in the City Hall submarket of New York, NY. The Property was acquired 100% leased to a single-tenant. Ready Capital closed the $8.8MM, 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 tenant leasing costs and interest shortfalls.

In January, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 110-unit, Class C, multifamily property in the West Charlotte submarket of Charlotte, NC. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors and refine curb appeal. The sponsor also plans to add value by streamlining management and optimizing expenses. Ready Capital closed the $7.7MM, 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.

In January, Ready Capital closed the refinancing for the stabilization of a newly delivered, 90-unit, Class A, multifamily property in the Bloomingdale submarket of the Chicago, IL MSA. The property is newly constructed and was 100% vacant at close. The loan proceeds will be used to retire the existing construction loan, provide a cash-out at close, and an earnout will be made available upon the property achieving a pre-determined performance threshold. Subsequently, the sponsor will lease-up the property to stabilized occupancy and at market rents. Ready Capital closed the $22.9MM, 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 interest and carry shortfalls and an earnout.

In January, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 294-unit, Class B garden style multifamily property in the Outlying Fulton County submarket of the Atlanta, GA MSA. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the property and mark rents to market. Capital improvements includes interior upgrades of granite countertops, new kitchen cabinets, new bathrooms, lighting, and paint. Common area and exterior upgrades include a remodeled clubhouse, clubhouse pool, fitness center, new property signage, and an updated playground. Ready Capital’s $53.6MM loan is structured as a 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.

In January, Ready Capital closed the refinancing for the stabilization of a newly delivered, Class A, four-property multifamily portfolio consisting of 118 units located throughout the Western suburban and Northern Chicago MSA. Each property is newly constructed and in various stages of lease-up. The loan proceeds will be used to retire the existing construction loan, provide a cash-out at close, and an earnout will be made available upon the properties achieving a pre-determined performance threshold. Subsequently, the sponsor will lease-up the properties to stabilized occupancy and at market rents. Ready Capital closed the $29.1MM, 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 additional funding for interest shortfalls and an earnout.

In January, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 540-unit, four-property, multifamily portfolio in the Kingston submarket of the Hudson Valley, NY MSA. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the properties. Capital improvements include kitchen and bathroom renovations, flooring upgrades, installation of washers and dryers, amenity upgrades, and more. Ready Capital closed the $78.7MM, 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 and interest shortfalls.

In January, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 240-unit, Class B, multifamily property in the South Galveston County submarket of the Houston, TX MSA. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors. Capital improvements include countertop and appliance upgrades, new light fixtures, updated cabinets, patio decking, 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.

In February, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 416-unit, Class B, multifamily property in the Irving submarket of Dallas, TX. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors and refine curb appeal. The sponsor also plans to add value by implementing a cable reimbursement program. Ready Capital closed the $43.2MM, 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 future funding for capital expenditures.

In February, Ready Capital closed the refinancing for the renovation and lease-up of an approximately 39,000 SF office property in the Del Mar submarket of San Diego, CA. The loan will be used to refinance the existing loan, finish outstanding capital improvement items, build-out spec suites, and lease-up the vacant space. Ready Capital closed the $20.9MM, 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 February, Ready Capital closed the refinancing for the renovation and lease-up of an approximately 75,000 SF, Class B, office property in the Studio/Universal Cities submarket of Los Angeles, CA. The loan will be used to refinance the existing loan, build-out spec suites, fund capital improvements, and lease-up the vacant space. Ready Capital closed the $23.8MM, 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 additional funding for capital improvements, tenant leasing costs, and interest shortfalls.

In February, Ready Capital closed the refinance of a 200-unit, Class A, multifamily/micro-unit/co-living property on the border of the SOMA and Mission Districts of San Francisco, CA. The loan proceeds will be used to retire existing debt and cover interest costs as the property is leased. Ready Capital closed the $104.0MM, 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 interest shortfalls.

In February, Ready Capital closed the financing for the acquisition, renovation, and lease-up of an approximately 250,000 SF, Class B, office property in the Northwest Tampa submarket of Tampa, FL. 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 signage, HVAC upgrades, curb replacements, build-out of rent-ready spec suites, and more. Ready Capital closed the $30.1MM, 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 February, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 240-unit, Class B, garden style multifamily property in the Briarcliff submarket of the Atlanta, GA MSA. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors and property exteriors to refine curb appeal. The sponsor also plans to add value by adding washers and dryers to each unit. Ready Capital closed the $28.8MM, non-recourse, interest only, floating rate loan which features a 36-month term, extension options, flexible prepayment, as well as a facility to provide future funding for capital expenditures.

In February, Ready Capital closed the financing for the acquisition, renovation, deconversion, and stabilization of a 152-unit, Class B, fractured condominium property in the West Madison submarket of Madison, WI. At close, the sponsor will acquire 84 of 152 units and buyout additional units. Additionally, the sponsor will implement a capital improvement plan to upgrade the property. Capital improvements include landscaping, amenity and common area improvements, painting, and more. Ready Capital closed the $9.2MM, non-recourse, interest only, floating rate loan which features a 36-month term, one extension option, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures and additional condominium unit buyouts.

In March, Ready Capital closed the Bridge-to-Freddie Mac Agency financing for the acquisition, renovation, and stabilization of a 56-unit, multifamily property located in the Acaso submarket of Tucson, AZ. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the property interiors and exterior. Ready Capital closed the $3.8MM, non-recourse, floating-rate loan that features a 24-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures. In addition, the sponsor has the ability to execute a low-cost refinancing with Ready Capital’s Freddie Mac SBL Loan program.

In March, Ready Capital closed the refinance of a 100-unit, multifamily property in the Hollywood submarket of Los Angeles, CA. The loan proceeds will be used to retire existing debt, construct additional ADU units, and renovate existing units. Capital improvements include kitchen, bathroom, and living area upgrades. Ready Capital closed the $24.0MM, 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 March, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 152-unit, Class C, multifamily property in the Southeast Columbia submarket of Columbia, SC. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors and refine curb appeal. The sponsor also plans to address deferred maintenance issues that will help facilitate stabilization. Ready Capital closed the $8.4MM, 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.

In March, Ready Capital closed the financing for the acquisition, renovation, and stabilization of an 85-unit, Class C, multifamily property in the Eastern San Fernando Valley submarket of the Los Angeles, CA MSA. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors and refine curb appeal. The sponsor also plans to address deferred maintenance issues that will help facilitate stabilization. Ready Capital closed the $13.7MM, 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 and interest shortfalls.

In March, Ready Capital closed the financing for the recapitalization, redevelopment, and lease-up of an approximately 72,000 SF, Class B industrial, adaptive re-use project located in the Northwest Charlotte submarket of Charlotte, NC. Upon closing, the sponsor will reposition the property from industrial/flex to mixed-use (office/retail). The sponsor is targeting creative office and experiential retail tenants and will also carve-out an area that will be used as an event space. Ready Capital’s $11.3MM loan provides future funding for capital expenditures, tenant leasing costs, and interest shortfalls. Additionally, it includes a one-time earnout, which the sponsor is eligible for throughout the first 24-months of the loan term. The loan is non-recourse, interest only, with a floating rate featuring a 36-month term, two extension options, and flexible prepayment.

In March, Ready Capital closed the financing for the acquisition, renovation, and lease-up of an approximately 520,000 SF, Class B, industrial property in the North Clayton/Airport submarket of the Atlanta, GA MSA. Upon acquisition, the sponsor will implement a light capital improvement plan to upgrade the property and subsequently lease-up to market occupancy and at market rents. Improvements include lighting upgrades, parking lot resurfacing, painting, and more. Ready Capital closed the $15.4MM, 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 March, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 117-unit, Class B, multifamily property in the Biltmore submarket of Phoenix, AZ. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors, upgrade the façade and improve landscaping. Ready Capital closed the $19.2MM, 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 future funding for capital expenditures.

In March, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 39-unit, garden style, fractured condominium property in the Hollywood Hills submarket of Hollywood, FL. The sponsor’s business plan is to implement a capital improvement program to upgrade unit interiors and property exteriors to enhance curb appeal. Ready Capital closed the $4.9MM, non-recourse, interest only, floating rate loan which features a 36-month term, two extension options, flexible prepayment, as well as a facility to provide future funding for capital expenditures.

In March, Ready Capital closed the financing for the acquisition, renovation, and stabilization of 78-unit, Class C garden style multifamily property located in the Lower Delaware County submarket of the Philadelphia, PA MSA. Upon acquisition, the sponsor will implement a capital improvement plan which includes unit upgrades, roof and façade repairs, landscaping, balcony maintenance and more. Ready Capital’s $8.9MM loan is structured as a 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.

In March, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 132-unit, Class B, multifamily property located in the North Central submarket of San Antonio, TX. Upon acquisition, the sponsor will implement a capital improvement plan to reposition the property. Capital improvements include interior upgrades via new countertops and backsplashes, installing washer/dryers, new appliances, and adding private yards to select units. Additionally, the sponsor will complete exterior upgrades including new paint, windows, and HVAC replacements. Ready Capital’s $14.0MM loan is structured as a 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 March, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 242-unit, Class C, multifamily property in the Southeast Houston submarket of the Houston, TX MSA. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors, upgrade property exteriors, refine curb appeal, and address deferred maintenance issues that will facilitate stabilization. Ready Capital closed the $17.6MM, 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 March, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 256-unit, Class C, garden style multifamily property in the Redbird submarket of Dallas, TX. Upon acquisition, the sponsor will implement a capital improvement to cure deferred maintenance, increase curb appeal, and upgrade amenities. Ready Capital’s $22.8MM loan is structured as a 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 March, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 23-unit, multifamily property in the Van Nuys submarket of Los Angeles, CA. Upon acquisition, the sponsor will implement a capital improvement plan to renovate all units. Capital improvements include repairing flooring, upgrading cabinets, upgrading electrical and plumbing, installing new appliances, and more. Ready Capital closed the $6.9MM, 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 March, Ready Capital closed the financing for the acquisition, renovation, and stabilization of a 146-unit, multifamily property in the Mesa submarket of Phoenix, AZ. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the unit interiors and property exterior. Capital improvements include new paint, new cabinets, vinyl plank flooring, stainless steel appliances, upgraded landscaping, HVAC/electrical/utility systems, and more. Ready Capital closed the $12.2MM, 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.

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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