Ready Capital national bridge originations team announced the closing of acquisition, renovation, and cash out refinance loans for approximately $120 million across 14 states.
The loans included $25.1 million in financing for the acquisition and renovation of a 167,000 s/f, two-building, class B office portfolio in Denver, CO.
The portfolio includes the Capitol Life Tower, a partially-occupied 12-story building, and the Colorado Trust Building, a fully occupied two-story building.
Ready Capital closed the nonrecourse, interest only, floating rate loan that features a 36-month term with two 12-month extension options, flexible pre-payment, and is inclusive of a facility to provide future funding for capital expenditures, working capital, leasing costs, and interest reserves.
The team also closed on a $31.5 million cash-out refi’ for a ten-state, 17-property medical office portfolio.
The portfolio included approximately 172,000 s/f of Class B medical office space across located nationwide with large concentrations in North Carolina, Illinois, Pennsylvania, and New Mexico.
The portfolio is comprised of single-tenant properties and has a portfolio-wide occupancy of 83 percent. The sponsor sought to refinance existing individual property level debt with more efficient, portfolio level debt, and recapture equity.
Ready Capital closed the nonrecourse, fixed-rate loan that features a 120-month term with a 48-month interest-only period, flexible pre-payment, and is inclusive of a future funding facility for leasing costs.
A six-state, six property medical office portfolio, cash-out refinance loan of $9.2 million was also closed.
The portfolio included 40,000 s/f of Class B medical office space across six properties, located in Arizona, Ohio, North Carolina, Illinois, Colorado, and Minnesota.
Two loans were closed in San Antonio, TX. The first $12.8 million loan was for the acquisition, renovation, and stabilization of a 164-unit, multifamily property in the Woodside submarket.
A $16.4 million loan for the acquisition, renovation, and stabilization of a 334 unit, multifamily in Westside was also closed.
In Los Angeles, CA, the team closed a loan is for the refinance, renovation, and lease-up of a 14,000 s/f, vacant two-building package in the Greater Downtown submarket. The borrower plans to combine the adjacent two-story buildings and add a third floor to increase the property’s rentable square footage to 23,000 s/f.
Ready Capital closed an $8.2 million, nonrecourse, interest only, floating rate loan that features a 36-month term, with two 12-month extension options, flexible pre-payment, and is inclusive of a facility to provide future funding for capital expenditures, working capital, leasing costs, and interest and operating reserves.
In Chicago, IL, the tem arranged $33.3 million for the refinance, redevelopment, and lease-up of a two-building office portfolio in Chicago’s Pilsen submarket.
And in Charlotte, NC, a $7.5 million non-recourse loan was arranged for the acquisition, renovation, and stabilization of a 60,000 s/f mixed-use property located in the NoDa submarket.
The borrower plans to complete capital improvements and turn the existing warehouse into a pedestrian friendly office/retail center.