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

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Located in the West University submarket of Tucson, the property has 96 apartments.

TUCSON, ARIZ. – Ready Capital has closed $ 11.1 million in financing to purchase, renovate and stabilize a 96-unit residential complex in the West University submarket, Tucson. Upon acquisition, the undisclosed borrower plans to implement a capital improvement plan that will cover deferred maintenance and renovation of the interior, exterior and public areas.

Ready Capital has taken out the recourse-free, interest-free, floating rate loan with a term of 36 months, two extension options, a flexible prepayment and an option to provide future financing for investments.

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