Ready Capital Closes $29.6 Million Financing for Student Housing Property in Las Vegas

Las Vegas — Ready Capital National Bridge team has closed on financing for the acquisition, conversion, renovation and stabilization of a 156-unit student housing property in the University District of Las Vegas. Upon acquisition, the undisclosed sponsor plans to reposition the asset from student housing to traditional multifamily through a rebranding and renovation program. Ready Capital closed the $29.6 million non-recourse, interest-only, floating-rate loan, which features a 36-month term and two extension options. Additionally, the loan includes a facility to provide future funding for capital expenditures.