Ready Capital National’s bridge originations team announced the closing of acquisition, renovation and cash-out refinance loans for approximately $120 million across 14 states, including a loan for the acquisition and renovation of an Uptown office portfolio.
Ready Capital closed a $25.1 million, nonrecourse, interest only, floating-rate loan for the purchase and renovation of the approximately 167,000-square foot, two-building Class B office portfolio in Denver. The property includes the Capitol Life Tower, a partially occupied 12-story building, and the Colorado Trust Building, a 100 percent-occupied, two-story building, at 225 E. 16th St. and 1600 Sherman St., respectively.
The loan features a 36-month term with two 12-month extension options, a flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures, working capital, leasing costs and interest reserves.
The sponsor plans to execute new tenant leases, employ a common-area improvement program, renovate the façade and rebrand the property to reflect its historical significance.
Ready Capital also closed a $9.2 million cash-out refinance loan for a six-state, six-property medical office portfolio. It included approximately 40,000 sf of Class B medical office space across properties in Colorado, Arizona, Ohio, North Carolina, Illinois and Minnesota. The portfolio is comprised of single-tenant properties that are fully occupied.
The sponsor sought to refinance existing property level debt with more efficient, portfolio level debt, and recapture equity.
Ready Capital closed the nonrecourse, fixed-rate loan, which features a 120-month term with a 30-month interest-only period, flexible prepayment and is inclusive of a future funding facility for leasing costs. Additional details were not disclosed.
