Ready Capital Appoints Dominick Scali as Chief Credit Officer
Ready Capital announced the appointment of Dominick Scali as chief credit officer of the company and co-president of ReadyCap Commercial, the company's commercial real estate lending business. Scali has been a managing director and co-head of bridge lending with the company since 2015. Separately, Gary Taylor has stepped down as COO of the company. He will continue to serve as the CEO of ReadyCap Lending. Operational responsibilities have transitioned to other members of management, including Matt Cohen who has been promoted to head of operations and CTO. Adam Zausmer and the company have agreed to mutually separate and, in conjunction, Zausmer resigned as chief credit officer of the company. Post separation, the company expects to enter into a consulting agreement with Zausmer, subject to agreement of final terms and conditions.
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- Market Sentiment Volatility: Stock futures retreated in premarket trading on Thursday as geopolitical tensions escalated, undermining investor expectations for an end to the month-long conflict and leading to unstable market sentiment.
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- 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.
- 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.

- 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.

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.
- 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.







