BOSTON, MA - UC Funding announced a $16.75 million acquisition bridge loan to be secured by a first mortgage on a 304-unit garden-style Class B apartment community located in San Antonio, Texas. The Sponsor plans to implement a $2.2 million capital improvement plan at the Property, which will be completed within 12 months. The capital improvements will include a renovation of unit interiors, new siding, roofing upgrades and exterior painting. Community amenities include three swimming pools, a park, lake, two laundry facilities and a combination leasing office and clubhouse.
The Portfolio is located in the northern portion of San Antonio, approximately 10 miles from the central business district. San Antonio has been consistently growing over the last four decades, with its population increasing from 654,153 in 1970 to 1,327,407 in 2010, a 203% increase over 40 years (5.1% per year on average). Upon acquiring title to the Property, the Sponsors will implement a renovation plan to renovate unit interiors as units turn, replace the majority of the existing siding, repair balconies as needed, seal and restripe the parking lot, repair roofs and enhance amenities and landscaping.
This repeat borrower with the help of UC Funding has successfully invested in the San Antonio MSA over the past few years, having acquired five properties totaling 1,054 units in San Antonio. The Sponsors have systematically acquired underperforming Class B/C multifamily properties, implemented value-add renovation programs, and with the help of UC Funding, secured fixed-rate permanent financing at stabilization. “We structured a capital solution that provided the sponsor with 95% of the capital needed to acquire the property,” said Daniel Palmier, President and CEO.
UC Funding is a national balance sheet provider of capital solutions, involving both debt and equity that has closed in excess of $600 million in real estate investments over the last 18 months.
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.
Source: UC Funding / #Multifamily #Finance