LONDON and NEW YORK, July 13, 2022 /PRNewswire/ — Ready Capital Corporation (NYSE: RC) (“Ready Capital” or the “Company”) today announced that Starz Real Estate (Starz), a pan-European commercial real estate lending platform, has formed a new joint venture with Ready Capital Corporation (NYSE: RC), a commercial mortgage REIT headquartered in New Yorkto generate approximately €300 million in new commercial real estate loans over the next two years.
The new joint venture will focus on rolling out bridging and term commercial real estate loans of between €10m and €40m in size in the UK, Benelux, Dach region, Italy and Portugal with up to 75% LTV across all sectors including office, residential, mixed-use, student housing, logistics, self-storage and selective retail and hospitality opportunities. The joint venture can also offer construction loans in the continental European sites mentioned above.
The deal reflects new institutional confidence in Starz, following support from a Middle East sovereign wealth fund late last year to provide 900 million euros in loans with the fund’s latest deal including a facility €68.5 million senior loan to Union Street Investments for a multi-office investment platform in the Netherlands.
David ArziCEO of Starz, said, “This partnership with Ready Capital will significantly expand our ability to meet the growing demand for nimble, mid-market capital in the UK and Europereinforcing our existing lending strategy. »
“We are working in a challenging but exciting environment following the pandemic, with new opportunities as assets change hands or need to be reallocated to meet new demands. We are delighted to have an institutional investor of this caliber that backs us, with our streamlined underwriting process ensuring we can bring capital to market efficiently and decisively.”
“This new partnership with Starz is part of our commitment to grow Ready Capital’s commercial real estate lending business internationally,” said Thomas Capasse, CEO of Ready Capital. “With a history of finding high-quality loans from strong sponsors, the Starz team has an investment philosophy that aligns well with the credit foundation of Ready Capital’s lending strategies, and they share our approach. practice of loan servicing and asset management.” Ready Capital is managed externally by Waterfall Asset Management, LLC.
Launched in July 2018Starz is a commercial real estate lender focused on middle market lending across Europe. With a balance sheet built for the long term, Starz is a flexible and reliable source of capital for real estate investors. Starz provides collaborative lending solutions combined with streamlined underwriting processes that ensure seamless service. https://starzrealestate.com/
About Ready Capital
Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and manages small and mid-sized commercial loans. Ready Capital specializes in commercial real estate-backed loans, including multi-family agency, stabilized and bridge financing, and government-backed business loans. Ready Capital and its affiliates also offer alternative loans, construction loans and financing for low-income housing, and residential mortgages. Based at New York, Ready Capital employs more than 600 credit professionals nationwide. The company is externally managed by Waterfall Asset Management, LLC. www.readycapital.com
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