UC Funds is pleased to announce the funding of a $6.4 million construction bridge loan on a five-story, 15,763 SF luxury condominium complex that is currently under construction in Brooklyn, New York. Construction is approximately 15% complete, with the foundation and steel structure almost 90% complete. Upon completion, the five-story building will contain 10 condo units that total 11,700 net SF and 15,763 gross SF.
The unit mix will at the property will contain the following: 1 studio condo that totals 537 SF, 4 one-bedroom condos that average 921 SF, 2 two-bedroom condos that average 1,254 SF, 2 three-bedroom condos that average 1,372 SF, and 1 2,230 SF four-bedroom condo. Finishes at the property will be Class AAA, including Liebherr refrigerators with custom paneling, stainless steel Bosch cooktops, ranges and microwaves, granite countertops in the kitchens, marble tile flooring in the bathrooms and hardwood flooring throughout the building. Community amenities upon completion will include a roof terrace, bike room, package room and virtual doorman.
“UC Funds is very bullish in New York City and its boroughs. This transaction demonstrated our expertise in figuring out the intrinsic value of this partially constructed condo development and closing it quickly,” said Dan Palmier, UC Funds President & CEO.
UC Funds is a national balance sheet provider of both debt and equity capital solutions. UC Funds has provided over $1 billion dollars of capital solutions in 2015.
UC Funds provides quick financial solutions throughout the entire capital stack, including joint venture equity. UC Funds is one of the nation’s most entrepreneurial lending institutions, focused on Multifamily, Retail, Office, Hotel, Industrial/Warehouse, Adaptive Reuse and Construction assets nationwide.