Source: UC Funding / #Multifamily #Chicago
BOSTON, MA - UC Funding recently closed a $16.8 million investment on a portfolio of properties located in Chicago, IL and Tennessee. The transaction was underwritten and closed in under 30 days. The Investment is secured by a variety of different collateral structures including first mortgages, mezzanine positions, and equity. UC Funding’s capital solution assisted the borrower in refinancing and acquired ten properties; nine of which are multifamily assets, located in urban and suburban Chicago with 647 units. The tenth asset is a 245-key hotel located in Memphis, TN, in close proximity to the Memphis International Airport and Graceland, requires significant capital work. The sponsor has a proven track of acquiring and renovating well-located properties with significant upside potential. UC’s loan provides the sponsor with funds to continue its successful program on this new group of assets.
Dan Palmier, CEO of UC said, “This deal represents a majority of what UC does; helping great operators create unique financial solutions to fit the most complicated deals and fund them quickly.”
UC Funding LLC is a national, diversified, real estate finance company, founded in 2010 and headquartered in Boston, with offices in New York and Miami. UC Funding provides commercial real estate financing solutions throughout the United States. Nearing 1 Billion in capital and a growing staff of 50 team members, UC Funding serves as one of the nation’s fastest growing real estate financing institutions. UC Funding was nominated company of the month during 2011 by both the New York Real Estate Journal and New England Real Estate Journal. 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. UC Funding is one of the nation’s most entrepreneurial lending institutions focused on Multi Family, Retail, Office, Hotel and Industrial/Warehouse assets nationwide.