Source: UC Funding / #RealEstate #Finance
BOSTON, MA - UC Funding LLC announced the closing of a $6.25 million bridge loan for the purchase and renovation of a 144 unit multifamily property. The property is located approximately 10-miles outside of the central business district of Atlanta, GA. Proceeds from the loan will be used to complete a $5.6 million gut renovation ($40,000/unit) on the complex, upgrading it to a Class B+ apartment community. The sponsor has 30 years of multifamily owner/operator experience.
Dan Palmier, President & CEO of UC Funding, said, “We are proud to be providing the Borrower the capital to transform a blighted apartment community into quality living space. We are also delighted to have provided this capital solution to a first time, “best in class”, real estate owner/operator.”
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’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.