February 17, 2020
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.
For comments, questions or concerns, please contact David Cohen