Ruby Capital Group Funds $7.6 Million Multifamily acquisition in Birmingham Alabama
Ruby Capital Group executes funding and quick closing on 7.6 MM bridge loan.
CHESTNUT RIDGE, N.Y., Nov. 12, 2020 /PRNewswire-PRWeb/ -- Ruby Capital Group LLC ("RCG") announced today that it structured $7,600,000 in bridge financing for a 142 unit multifamily complex in Birmingham, Alabama. The loan provided acquisition financing as well as proceeds for capital improvements at the property.
Avi Stimmel, Director of Originations at RCG, commented, "This transaction presented an opportunity to provide financing to an experienced, vertically integrated owner/operator with a strong track record in Georgia and Alabama. Our extensive multifamily experience enabled us to move quickly and close the loan in less than a week in order to meet the tight closing timeline."
The financing was arranged by Hirsch Simins, Director of Capital Markets at Walker & Dunlop. Mr. Simins added "It was a pleasure working with the Ruby team. We explored different financing scenarios, and Ruby was able to structure a great loan at a competitive rate. They were able to close on time for my client, and the process was unusually smooth for such a quick closing."
About Ruby Capital Group
Ruby Capital Group LLC http://rcgmgt.com is a direct bridge lender providing real estate loans from $500,000 to $20,000,000 for cash flowing properties nationwide. RCG prides itself on an easy process with clear expectations and quick closings. Through our unique approach, RCG offers clients the confidence and certainty of closing while simultaneously giving investors a safe and stable investment.
Media Contact
Avi Stimmel, Emerald Empire, +1 (845) 521-6855, [email protected]
SOURCE Ruby Capital Group
Share this article