BOSTON, MA - UC Funding announced the funding of an $11,000,000 construction bridge loan on Riverside Plaza, a 63-unit, Class A apartment community. Riverside Plaza is located in downtown Algonquin, Illinois along the Fox River. Once completed, the Property will represent the most upscale apartment community in Algonquin, Illinois.
The Property, when completed, will operate as a 63-unit multifamily community featuring Class AAA in-unit finishes and community amenities including hardwood floors, Italian cabinetry and porcelain tiling. The community amenities will include a fitness room, business center, club room, lobby doorman service, two elevators, storage lockers and heated indoor parking.
“We are very pleased to provide our new sponsor with an innovative capital solution to restart and complete this one of a kind Class AAA asset,” said, Dan Palmier, President & CEO.
UC Funding is a national balance sheet provider of capital solutions, involving both debt and equity that has closed in excess of $700 million in real estate investments over the last 18 months. UC Funding looks to hit the $1 billion dollar mark in 2013.
UC Funding’s core belief is that real estate ownership and real estate financing should work together as a partnership. By working together, UC Funding shares each and every client’s vision of creating innovative financial solutions. UC Funding provides financial solutions throughout the entire capital stack, including joint venture equity.