BOSTON, MA - UC Funding recently structured and funded a $4.3 million bridge financing loan on the Maplebrook Apartments in Grand Blanc, Michigan. The proceeds of the loan will be used to purchase the property, fund repairs, fund an interest reserve and fund an escrow for taxes and insurance. The transaction was originated, underwritten and closed at UC Funding's headquarters office in Boston.
Source: UC Funding
The loan will be made to Erie Investments No. 10 LLC, 100% owned and controlled by Michael O'Lynnger. Mr. O'Lynnger has built a highly successful and hands-on real estate investment, management and construction business over the past two decades by focusing his efforts exclusively on Class B/C apartment communities in Michigan.
Mark Fogel, UC Funding's Executive Vice President commented, "The borrower turned to UC to take advantage of a distressed opportunity within a marketplace in which he has had significant success. By recognizing the potential upside of this asset and the strength of the sponsor, UC was able to provide loan proceeds and terms which were far superior to the short supply of alternative lender quotes."
"Maplebrook is representative of so many opportunities available in Michigan these days: great property; low price; positioned to turnaround and stabilize quickly. Identifying an accommodating lender to acquire these tricky deals is nearly impossible. UC figured it out quickly and got me what I needed to make a great deal!" Michael O'Lynnger, Erie Investments remarked.