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Washington DC & Mid-Atlantic  + DC Metro  + Apartments  |  February 17, 2020
David Cohen
By: David Cohen

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

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

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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