BOSTON, MA - UC Funding recently closed a $16.25 million bridge loan in connection with the acquisition of a 520 unit multi-family property located between the affluent communities of West Palm Beach and North Palm Beach. The transaction was underwritten and closed in under 21 days.
The property has a substantial renovation component in order to bring apartment units online and refurbish others. Dan Palmier, President & CEO of UC Funding, said, "The borrower came to us because they knew that we are entrepreneurial, aggressive, and a reliable source of capital."
The Sponsors, Prospect Northlake LP, is a real estate investment and development firm based in Longwood, Florida that currently owns approximately 1,650 multifamily units throughout Florida. They identified the Seabreeze Harbor Apartments as a strategic addition to their portfolio of value-add, multi family assets in Southern Florida.
UC Funding is a newly formed finance firm headquartered in Boston with offices in New York and Miami. Our national real estate and financial experience provides us with broad local market knowledge to better serve our clients. We know that every real estate transaction is unique, and that the value of the property goes beyond the numbers on a page. This is especially true where the owner is trying to improve or stabilize the property. Unlike other lending institutions, we foster an entrepreneurial spirit that allows us the flexibility to identify unique opportunities. Opportunities others might reject.
Source: UC Funding