Ready Capital Structured Finance announced it closed on a $28.8 million non-recourse loan for a mixed-used Soho property.
The company announced the deal among a series of loan transactions across New York, Arizona, Utah, Florida, North Carolina, and California totaling $100 million.
The New York loan is for the refinance, renovation, and stabilization of an approximately 27,600 s/f mixed-use, office / retail property, located in the Soho submarket. The company declined to identify the property but did supply a rendering (pictured top).
The sponsor signed a lease with a co-working office tenant that will occupy a portion of the building upon completion of the planned capital improvements.
Ready Capital Structured Finance closed the $28.8 million, non-recourse, interest only, floating rate loan that features a 36-month term with two extension options, flexible pre-payment, and is inclusive of a facility to provide future funding for capital expenditures, working capital, tenant leasing costs, and interest & carry reserves.
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