UC Funds’ latest UC GO closing provides capital to refinance a retail center in Ardmore, Oklahoma
Ardmore, OK – June 12, 2018 – UC Funds, a vertically-integrated commercial real estate specialty finance firm, announced the closing of a $15.6 million first mortgage loan for Shops at Ardmore, a 230,470-square-foot retail center located at 1211 North Commerce Street in Ardmore, Oklahoma. UC Funds crafted a loan to refinance an existing first mortgage, and provide flexible capital to attract potential new tenants.
UC Funds’ commercial mortgage bridge loan UC GO was key in funding the deal. Launched last year, the low-rate non-recourse loan is available at 85 percent loan to value (LTV) with pricing starting at L+295. UC GO is currently the most competitive commercial mortgage product available in commercial real estate.
“The closing of Shops at Ardmore is a testament to our team’s persistence and determination in finding the best capital solution for our clients,” said Daniel M. Palmier, President and CEO of UC Funds. “We worked for nearly a year to create a “transitional light” bridge loan program known as UC GO offering creative capital solutions across a national platform for all asset classes. The Ardmore deal provided capital for refinancing of existing debt and for new tenants at the property, all in under 30 days.”
Shops at Ardmore has undergone extensive renovations the past four years and is anchored by national tenants including Hobby Lobby, Big Lots, T.J.Maxx, Staples, Ulta Cosmetics, Planet Fitness, JCPenney, and most recently, the Department of Veterans Affairs. Ardmore is the retail center of Oklahoma’s Carter County due to its direct location on I-35, almost equidistant between Dallas and Oklahoma City. Ardmore’s retail market pulls thousands of shoppers from a 40-mile radius between the two major cities.
Providing over $2 billion of capital solutions to date, UC Funds is known as the “go to” commercial real estate capital provider and the most sophisticated financial ally in the industry. The UC Funds team is dedicated to developing and maintaining long-term relationships with borrowers. Those interested in learning more about UC Funds can visit www.UCFunds.com.
About UC Funds
Founded in 2010 by Dan Palmier, UC Funds is a vertically integrated commercial real estate specialty finance firm that originates, structures, underwrites, and asset manages its estate investments. A national balance sheet provider of both debt and equity capital solutions, UC Funds has provided over $2 billion of capital solutions to date. UC Funds offers quick and customized financial solutions throughout the entire capital stack, including joint venture equity. One of the nation’s most entrepreneurial lending institutions, UC Funds focuses on multifamily, retail, office, hotel, industrial/warehouse, adaptive reuse, and construction assets nationwide. The firm has developed strong relationships with past and current borrowers through their renowned customer service, creativity, speed, and reliability. In July 2017 UC Funds announced the launch of their industry leading non-recourse commercial mortgage bridge loan, UC GO. This is the most transformative and competitive commercial mortgage product available in commercial real estate. UC GO is now available at 85 percent loan to value and 0.5 debt service coverage ratio. The variable rate non-recourse product, which starts at LIBOR +275, is available for loans as little as $5 million. To apply for UC GO financing, please contact Domenico Manago, Managing Director of Sales, at 857-288-2811 or email Dmanago@ucfunds.com. For more information on UC Funds, visit www.UCFunds.com or https://danielpalmier.ucfunds.com/.