February 17, 2020 Comments Off on Ready Capital Provides $11M Acquisition Loan for Norfolk MF Property Views: 362 D.C. Metro News, Washington, D.C. News

Ready Capital Provides $11M Acquisition Loan for Norfolk MF Property

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Full-service lending platform Ready Capital has provided a $10.5 million acquisition loan for a 250-unit multifamily property in Norfolk, VA. The buyer and seller were not disclosed.

A portion of the loan will be used by the buyer to address maintenance issues at the property, and upgrade unit interiors.

Terms of the non-recourse loan included a three-year term, with two extension options and flexible prepayment.

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