Sponsor will initiate value-add renovation plan to modernize site
North Charleston, SC – March 20, 2018 – UC Funds, a vertically-integrated commercial real estate specialty finance firm, announced today the closing of a $4.5 million first mortgage loan for the acquisition and renovation of a 158,400-square-foot industrial building located at 4280 Pace Street in North Charleston, South Carolina. Originally built in 1967 for Lockheed Martin, the building operated as an airplane manufacturing plant until 1997. Currently vacant, the single-story building sits on 6.34 acres and features three docks, three drive-in bays, and 25 parking spaces. The property has 4,500 square feet allocated for office space.
In addition to the acquisition, UC Funds’ loan will be used for renovations and improvements to the property including a new roof, siding, and general maintenance to improve the property. The borrower of this transaction is Industrial Holdings, LLC and wholly-owned by sponsor Jeremy Blackburn. Blackburn has a long-standing relationship with UC Funds and invests in multiple successful single-family rentals throughout the greater Charleston area.
Upon completion of renovations, the building will be marketed to a single user to fully occupy the space. Current prospects include a major medical services provider and a technological services company.
“North Charleston’s prime location just a few miles from the Port of Charleston paired with the area’s very strong industrial market makes this property a uniquely attractive location for a wide array of potential clients,” said Daniel M. Palmier, President and CEO of UC Funds. “This deal adds to our track record of successes stemming from ongoing positive partnerships throughout the sector. “
As the third largest city in South Carolina, North Charleston is six miles north of Charleston and is a hub for defense, IT and manufacturing industries. The Joint Air Force/Navy base hosts over 60 Department of Defense and Federal agencies and joins other area defense contractors and systems technology providers such as General Dynamics, STREIT Group, and Bosch. The area is also home to manufacturing leaders in the market including Volvo’s first American manufacturing facility, Boeing, and Mercedes Benz.
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. Their team is dedicated to developing and maintaining long-term relationships with borrowers, and the company has earned a strong reputation for providing extensive reliability, standing by borrowers through completion. Those interested in learning more about UC Funds can visit www.UCFunds.com.
About UC Funds
Founded in 2010 by Daniel M. Palmier, UC Funds is a vertically integrated commercial real estate specialty finance firm that originates, structures, underwrites, and asset manages its commercial real 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 +395, is available for loans as little as $5 million. To apply for UC GO financing, please contact Joseph Ambrose, Senior Vice President of Production, at 1-844-UCFUNDS or email firstname.lastname@example.org. For more information on UC Funds, visit www.UCFunds.com or https://DanPalmier.wordpress.com/.