NEW YORK, May 23, 2023 (GLOBE NEWSWIRE) -- Ready Capital Corporation (NYSE: RC) (“Ready Capital”), a multi-strategy real estate finance company that originates, acquires, finances, and services small-to-medium balance commercial loans, today announced that Red Stone, a Ready Capital company acquired in 2021, is pleased to confirm the completion and grand opening of a vital renovation project that will house 120 formerly homeless veterans in renovated buildings in West Los Angeles (LA), adjacent to Brentwood. Red Stone provided the construction and permanent tax-exempt bond financing in the amount of $39,000,000.
The opening of “Buildings 205 and 208” on the Veterans Affairs West LA Campus and Healthcare Center are fully furnished and “move-in” ready, including amenities such as a community space, computer room, fitness center, laundry facilities, onsite management/leasing offices and case workers’ offices. Veterans are expected to begin moving into these new units in May/June.
The ribbon cutting ceremony featured Los Angeles Mayor Karen Bass, Congressman Ted W. Lieu (D-Los Angeles County), and Secretary of Veteran Affairs Denis McDonough, who all spoke at the event.
“The homeless crisis across the nation dramatically affects veterans and, these units fulfill a critical need for this community,” said Brian Renzi, Managing Director at Red Stone. “There is plenty more work to do and we remain committed to providing safe, comfortable, and affordable homes for veterans and their families. We would like to thank the Veterans Administration, the City of Los Angeles, Step Up, Friendship for Affordable Housing and Shangri-La Construction for their collaborative efforts in delivering this important project.”
About Ready Capital Corporation
Ready Capital Corporation (“Ready Capital” or the “Company”) (NYSE:RC) is a multi-strategy real estate finance company that originates, acquires, finances, and services small-to-medium balance commercial loans. The Company specializes in loans backed by commercial real estate, including agency, multifamily, investor, and bridge as well as U.S. Small Business Administration loans. Headquartered in New York, New York, the Company employs over 600 professionals nationwide.
About Red Stone
Red Stone is a real estate finance and investment company that provides innovative financial products and services to the multifamily affordable housing industry. Red Stone is a leading national provider of acquisition, development, and permanent mortgage capital in support of affordable housing financed by tax-exempt and taxable bonds. Red Stone has established itself as a leader in affordable multifamily real estate financing, having invested more than $6 billion nationwide. www.redstoneco.com.
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