Full-service real estate finance company Sutherland Asset Management Corp. has launched a new bridge lending division, Ready Capital Structured Finance (RCS). This addition, headquartered in New York City, will provide nonrecourse, bridge and mezzanine commercial real estate debt financing for its clients.
Sutherland says that RCS will originate, manage and finance nonrecourse floating and fixed-rate loans of up to five years on transitional, value-add and event-driven commercial and multifamily real estate properties.
Loan amounts will be up to $25 million to middle-market and institutional commercial real estate sponsors. RCS will offer short-term, interest-only loans with flexible prepayment schedules and borrower-customized structuring solutions.
‘The addition of this dedicated platform with a highly regarded team provides Sutherland with the ability to provide small- to midsize balance commercial loans to finance real estate through its entire lifecycle – from development and rehabilitation through stabilization – with a wide range of financing products from senior to subordinate debt,’ says Thomas Buttacavoli, Sutherland's chief investment officer.
David Cohen has joined RCS as national production manager, and Dominick Scali has joined as head of credit. Both came to RCS from Doral Property Finance, where they were responsible for the growth and development of the national bridge lending platform.
Prior to that, Cohen served as regional director for GE Real Estate and as managing director at CIBC World Markets' commercial real estate finance group. Scali held positions at Anglo Irish Bank within the commercial real estate group and within Citibank's affordable housing division.
Jordan Goforth and Case Lewis are also joining RCS from Doral Property Finance as director of originations and vice president of credit, respectively. Most recently, Goforth was an assistant vice president of originations and Lewis was an associate within Doral Property Finance's underwriting team.