BOSTON, MA - UC Funding LLC is pleased to announce the closing of a $12.1 million bridge loan for the acquisition of a 256 unit, class B multifamily property. The property is located in Durham, the fourth largest city in North Carolina. The loan was made to purchase and update the units and amenities on the property.
Dan Palmier, President & CEO of UC Funding, said, “This repeat borrower came to us because they knew that we are entrepreneurial, aggressive, and a reliable source of capital. We provided over 95% of the acquisition costs of the deal and closed in 13 days. This is the fourth transaction with this visionary sponsor in the last 12 months.The borrower has a relevant and successful track record in value-add investing in the multifamily housing market, and are adequately incentivized to perform through their IRR-driven promote structure.”
UC Funding is a national balance sheet provider of capital solutions, involving both debt and equity, that has closed in excess of $500 million in real estate investments over the last 18 months. UC Funding looks to hit the $1 billion dollar mark in 2013.
UC Funding provides financial solutions throughout the entire capital stack, including joint venture equity. UC Funding is one of the nation’s most entrepreneurial lending institutions focused on Multi Family, Retail, Office, Hotel and Industrial/Warehouse assets nationwide.