Ready Capital Structured Finance Closes Note-on-Note Financing for $5.5 Million in South Florida
NEW YORK, Feb. 05, 2018 (GLOBE NEWSWIRE) -- Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, announces the closing of a note-on-note financing in Miami Beach, Florida totaling $5.5 million.
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The Miami Beach (South Beach), Florida loan is for the note-on-note financing of an approximate 32,200 square foot mixed-use hotel condominium property consisting of 13 (of a total of 80) hotel rooms, 6,800 square feet of commercial and retail space, and 19,000 square feet of garage space. ReadyCap received assignments of all financing agreements and structured a loan with a low leverage look-through LTV of less than 50%. Borrower is a repeat client for ReadyCap. The property is located in the South Beach neighborhood of Miami Beach, Florida on two of Miami’s most vibrant boulevards: Ocean Drive and Collins Avenue. Ready Capital Structured Finance closed the $5.5 million non-recourse floating rate note financing that features a 24-month term with one extension option and flexible pre-payment.
The Ready Capital Structured Finance team has collectively structured and successfully originated over $500 million of note-on-note financings.
For more information, contact Managing Director, David A. Cohen, at dcohen@rclending.com.
About Ready Capital Structured Finance
Ready Capital Structured Finance, headquartered in New York City, is a nationwide commercial real estate bridge and mezzanine lender offering non-recourse financing on transitional, value-add and event-driven commercial and multifamily real estate opportunities. Led by a veteran team of industry professionals, Ready Capital Structured Finance is a division of a subsidiary of Sutherland Asset Management Corporation (NYSE “SLD”), a full-service real estate finance company externally managed by Waterfall Asset Management, LLC. Sutherland, a commercial mortgage REIT, is a real estate finance company that acquires, originates, manages and finances commercial real estate loans and real estate-related securities.
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