WATERFALL ASSET MANAGEMENT PROVIDES $19.5 MILLION LOAN FOR GREENWICH VILLAGE RETAIL PROPERTY ACQUISITION
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 4 days ago
0mins
Should l Buy RC?
Source: moomoo
- Loan Announcement: Waterfall Asset Management has originated a $19.5 million loan.
- Purpose of Loan: The loan is intended to support the acquisition of retail property in Greenwich Village.
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Analyst Views on RC
Wall Street analysts forecast RC stock price to rise
3 Analyst Rating
0 Buy
2 Hold
1 Sell
Moderate Sell
Current: 1.600
Low
2.05
Averages
2.43
High
2.75
Current: 1.600
Low
2.05
Averages
2.43
High
2.75
About RC
Ready Capital Corporation is a multi-strategy real estate finance company that originates, acquires, finances and services lower-to-middle-market investor and owner-occupied commercial real estate loans. The Company specializes in loans backed by commercial real estate, including agency multifamily, investor, construction, and bridge as well as U.S. Small Business Administration loans under its Section 7(a) program. Its segments include LMM Commercial Real Estate and Small Business Lending. The LMM Commercial Real Estate segment originates lower-to-middle-market commercial real estate (LMM) loans across the full life cycle of an LMM property, including construction, bridge, stabilized and agency loan origination channels through its subsidiary, ReadyCap Commercial, LLC. The Small Business Lending segment acquires, originates and services owner-occupied loans guaranteed by the SBA under the SBA Section 7(a) Program through its subsidiary, ReadyCap Lending, LLC.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Waterfall Provides $19.5 Million Loan to Acram Group for Retail Acquisition
- Loan Amount: Waterfall Asset Management has originated a $19.5 million loan for Acram Group to finance the acquisition of a 30,000-square-foot retail condominium in Manhattan's Greenwich Village, showcasing the firm's strong capabilities in asset-backed credit financing.
- Property Status: The property is currently 79% leased with tenants such as CVS and Le Poisson Rouge, and the remaining vacancy presents an opportunity to attract flagship retail and premium food and beverage tenants, enhancing the property's market value and appeal.
- Strategic Plans: Acram Group intends to utilize the loan proceeds to reposition part of the landmarked building and implement strategic leasing incentives to drive the property towards full occupancy, which will further enhance its investment returns.
- Partnership Strength: The ongoing relationship between Waterfall and Acram Group reflects the firm's confidence in the borrower's capabilities, as it supports continued growth by providing tailored capital solutions, demonstrating Waterfall's expertise and influence in commercial real estate financing.
See More
Waterfall Asset Management Provides $19.5 Million Loan to Acram Group
- Loan Amount: Waterfall Asset Management has originated a $19.5 million loan for Acram Group to finance the acquisition of a 30,000-square-foot retail condominium property in Manhattan's Greenwich Village, further strengthening its relationship with the borrower.
- Property Status: The property is currently 79% leased with tenants including CVS and Le Poisson Rouge, and the remaining vacancy presents an opportunity to attract flagship retail and premier food and beverage tenants, which is expected to enhance the overall value of the property.
- Strategic Plans: Acram Group plans to utilize the loan proceeds to reposition part of the landmarked building and implement strategic leasing incentives to drive the property toward full occupancy, thereby enhancing investment returns.
- Market Outlook: Waterfall expresses strong confidence in Acram's business plan, believing that this financing will not only support its continued growth but also enhance the property's market competitiveness in a high-traffic corridor.
See More
WATERFALL ASSET MANAGEMENT PROVIDES $19.5 MILLION LOAN FOR GREENWICH VILLAGE RETAIL PROPERTY ACQUISITION
- Loan Announcement: Waterfall Asset Management has originated a $19.5 million loan.
- Purpose of Loan: The loan is intended to support the acquisition of retail property in Greenwich Village.
See More
READY CAPITAL CORP ANNOUNCES REDEMPTION OF ALL OUTSTANDING 6.20% SENIOR NOTES SET TO MATURE IN 2026 - SEC FILING
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Financial Details: The senior notes have a standing interest rate of 6.20% and are due in 2026.
See More
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- Strong Property Background: Chesterbrook Campus encompasses 1.1 million square feet across 14 Class A office buildings located in the King of Prussia/Wayne submarket of the Philadelphia metropolitan area, with Rubenstein Partners having invested over $50 million in capital improvements since its acquisition in 2019, enhancing its appeal.
- Strategic Partnership: The collaboration between Waterfall and Rubenstein Partners aims to leverage their expertise in office property investments, with Rubenstein demonstrating a strong track record in executing value-enhancing strategies, laying a solid foundation for the future development of Chesterbrook Campus.
- Convenient Transportation: Chesterbrook Campus boasts excellent transportation access, being close to major highways and public transit, and is the only major office campus with a dedicated exit on Route 202, which will further attract tenants and enhance the property's market competitiveness.
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- Dividend Yield: The forward yield of 2.3% reflects the company's appeal in the current market environment, potentially increasing investor interest in its stock as a reliable income source.
- Shareholder Record Dates: The dividend will be payable on April 30, with a record date of March 31 and an ex-dividend date also on March 31, providing investors with a clear timeline for their investment decisions.
- Future Cash Flow Targets: Ready Capital aims to achieve $850 million in free cash flow and reduce its commercial real estate loan portfolio by 60% by 2026, indicating a proactive approach to strategic repositioning to enhance financial health.
See More
Waterfall Provides $19.5 Million Loan to Acram Group for Retail Acquisition
- Loan Amount: Waterfall Asset Management has originated a $19.5 million loan for Acram Group to finance the acquisition of a 30,000-square-foot retail condominium in Manhattan's Greenwich Village, showcasing the firm's strong capabilities in asset-backed credit financing.
- Property Status: The property is currently 79% leased with tenants such as CVS and Le Poisson Rouge, and the remaining vacancy presents an opportunity to attract flagship retail and premium food and beverage tenants, enhancing the property's market value and appeal.
- Strategic Plans: Acram Group intends to utilize the loan proceeds to reposition part of the landmarked building and implement strategic leasing incentives to drive the property towards full occupancy, which will further enhance its investment returns.
- Partnership Strength: The ongoing relationship between Waterfall and Acram Group reflects the firm's confidence in the borrower's capabilities, as it supports continued growth by providing tailored capital solutions, demonstrating Waterfall's expertise and influence in commercial real estate financing.
See More
Waterfall Asset Management Provides $19.5 Million Loan to Acram Group
- Loan Amount: Waterfall Asset Management has originated a $19.5 million loan for Acram Group to finance the acquisition of a 30,000-square-foot retail condominium property in Manhattan's Greenwich Village, further strengthening its relationship with the borrower.
- Property Status: The property is currently 79% leased with tenants including CVS and Le Poisson Rouge, and the remaining vacancy presents an opportunity to attract flagship retail and premier food and beverage tenants, which is expected to enhance the overall value of the property.
- Strategic Plans: Acram Group plans to utilize the loan proceeds to reposition part of the landmarked building and implement strategic leasing incentives to drive the property toward full occupancy, thereby enhancing investment returns.
- Market Outlook: Waterfall expresses strong confidence in Acram's business plan, believing that this financing will not only support its continued growth but also enhance the property's market competitiveness in a high-traffic corridor.
See More
WATERFALL ASSET MANAGEMENT PROVIDES $19.5 MILLION LOAN FOR GREENWICH VILLAGE RETAIL PROPERTY ACQUISITION
- Loan Announcement: Waterfall Asset Management has originated a $19.5 million loan.
- Purpose of Loan: The loan is intended to support the acquisition of retail property in Greenwich Village.
See More
READY CAPITAL CORP ANNOUNCES REDEMPTION OF ALL OUTSTANDING 6.20% SENIOR NOTES SET TO MATURE IN 2026 - SEC FILING
Company Overview: Ready Capital Corp has announced a redemption of its outstanding senior notes.
Financial Details: The senior notes have a standing interest rate of 6.20% and are due in 2026.
See More
Waterfall Closes $127 Million Refinancing for Chesterbrook Campus
- Significant Financing: Waterfall Asset Management has successfully closed a $127 million refinancing for Chesterbrook Campus, which not only provides a flexible financing structure but also supports future leasing activities and capital improvements, thereby strengthening its market position in the Philadelphia area.
- Strong Property Background: Chesterbrook Campus encompasses 1.1 million square feet across 14 Class A office buildings located in the King of Prussia/Wayne submarket of the Philadelphia metropolitan area, with Rubenstein Partners having invested over $50 million in capital improvements since its acquisition in 2019, enhancing its appeal.
- Strategic Partnership: The collaboration between Waterfall and Rubenstein Partners aims to leverage their expertise in office property investments, with Rubenstein demonstrating a strong track record in executing value-enhancing strategies, laying a solid foundation for the future development of Chesterbrook Campus.
- Convenient Transportation: Chesterbrook Campus boasts excellent transportation access, being close to major highways and public transit, and is the only major office campus with a dedicated exit on Route 202, which will further attract tenants and enhance the property's market competitiveness.
See More
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- Quarterly Dividend Declaration: Ready Capital has declared a quarterly dividend of $0.01 per share, consistent with previous distributions, indicating the company's ongoing ability to maintain stable cash flows, which is likely to attract income-seeking investors.
- Dividend Yield: The forward yield of 2.3% reflects the company's appeal in the current market environment, potentially increasing investor interest in its stock as a reliable income source.
- Shareholder Record Dates: The dividend will be payable on April 30, with a record date of March 31 and an ex-dividend date also on March 31, providing investors with a clear timeline for their investment decisions.
- Future Cash Flow Targets: Ready Capital aims to achieve $850 million in free cash flow and reduce its commercial real estate loan portfolio by 60% by 2026, indicating a proactive approach to strategic repositioning to enhance financial health.
See More
