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HomeBusinessReady Capital Closes $11.1M in Financing for Multifamily Property in Tucson, Arizona...

Ready Capital Closes $11.1M in Financing for Multifamily Property in Tucson, Arizona – REBusinessOnline

Ready-Capital-96-Apts-Tucson-AZ

Located in Tucson’s West University submarket, the property features 96 apartments.

TUCSON, ARIZ. — Ready Capital has closed $11.1 million in financing for the acquisition, renovation and stabilization of a 96-unit apartment community in the West University submarket of Tucson. Upon acquisition, the undisclosed borrower plans to implement a capital improvement plan curing deferred maintenance and renovating unit interiors, building exteriors and common areas.

Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures.

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