Source: UC Funds / #Multifamily #Finance
BOSTON, MA - UC Funds is proud to announce the funding of a $5.25MM acquisition and rehab loan for a 156-unit multifamily property in San Antonio, TX. The sponsors will acquire the asset at an attractive basis and bring all of the down units online. Additional property renovations will include roof repairs, replacing all in-unit HVAC systems and central boilers, exterior painting and general aesthetic upgrades.
The property is located on 7.7 acres, eight miles northwest of San Antonio’s central business district. The property is well-located off of the I-410 and I-10 exchange, and in close proximity to two major malls and multiple retail and office sites. South Texas Medical Center is located two miles north of the property and has over ten different hospitals, employing 56,000 individuals. USAA’s corporate headquarters are located 3.5 miles north of the property, employing 17,000 individuals.
“Our extensive experience in the Texas markets allowed us to share the sponsors’ vision and fund the deal at 90% LTC, despite the heavy renovation requirements at the property,” said Ricardo Alburez, UC Funds’ Chief Credit Officer.
UC Funds is a national balance sheet provider of both debt and equity capital solutions, that has closed in excess of $800 million in real estate investments over the last 24 months. UC Funds looks to surpass the $1 billion dollar mark in 2014.