, /PRNewswire/ — Ready Capital Corporation (NYSE: RC ) (“Ready Capital” or the “Company”) announced today that Pan-European commercial real estate lending platform Starz Real Estate (Starz) has formed a new joint venture, Ready Capital Corporation (NYSE: RC ), commercial mortgage REIT, headquartered in New York, will issue approximately EUR 300 million worth of new commercial real estate loans over the next two years.
The new joint venture will focus on bridging and term loans for commercial real estate between €10m and €40m in the UK, Benelux, Dach, Italy and Portugal with up to 75% LTV across sectors including office, residential and mixed use. , student housing, logistics, self-storage and optional retail and hotel options. The joint venture can also offer construction loans in the above-mentioned locations in continental Europe.
The deal reflects further institutional confidence in Starz following support from the Middle East Sovereign Investment Fund for a €900m loan late last year. The last transaction of this fund involved a loan fund of EUR 68.5 million to Union Street Investments. multi-office investment platform in the Netherlands.
David Arzi, CEO of Starz, said: “This partnership with Ready Capital significantly enhances our ability to serve the growing demand for fast middle market capital across the UK and Europe, strengthening our existing lending strategy.”
“We are operating in a challenging but exciting landscape amid the pandemic, with new opportunities as assets change hands or need to be relocated to meet new demands. We are delighted to have an institutional investor of this caliber backing us with our seamless underwriting processes that ensure that we can bring capital to market in an efficient and decisive manner.
“This new joint venture partnership with Starz follows our commitment to expand Ready Capital’s commercial real estate lending business internationally,” said Ready Capital CEO Thomas Capasse. The Starz team has a history of sourcing quality loans from strong sponsors, an investment philosophy that fits well with Ready Capital’s Credit Fund of Lending Strategies, and they share our hands-on approach to loan servicing and asset management. Ready Capital is externally managed by Waterfall Asset Management, LLC.
About Starz Launched in July 2018, Starz is a commercial real estate lender focused on middle market loans across Europe. With a long-term balance sheet, Starz is a flexible and reliable source of capital for real estate investors. Starz offers collaborative lending solutions with streamlined underwriting processes for seamless service. https://starzrealestate.com/
About Ready CapitalReady Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services small and medium balance sheet commercial loans. Ready Capital specializes in commercial real estate-backed loans, including multifamily agency, stabilized and bridge financing, as well as government-backed business loans. Ready Capital and its affiliates also offer alternative loans, construction loans and low-income housing financing, as well as residential mortgages. Headquartered in New York City, Ready Capital employs over 600 loan professionals across the country. The company is externally managed by Waterfall Asset Management, LLC. www.readycapital.com
Contact Investor Relations, Ready Capital Corporation212-257-4666[email protected] Ready Capital Media Relations[us protected]
SOURCE Ready Capital Corporation
