Ready Capital secures ownership of Ritz-Carlton Portland Project

Ready Capital (RC) Corporation announced that it has secured ownership of Block 216 Tower, a mixed-use Project located in downtown Portland, Oregon. Ready Capital acquired the construction loan on the Project through its 2022 merger with Mosaic Real Estate Investors. The prior owner agreed to a consensual deed-in-lieu arrangement in which Ready Capital assumed ownership and control. All components of the Project will continue to operate business as usual. The completed Project is comprised of a 251-key Ritz-Carlton hotel, a 132-unit Ritz-Carlton Residences, 159,000 square-feet of Class-A office space, and 11,000 square-feet of retail space including the Flock food hall.