UC Funds is pleased to announce the funding of an $8.8 million acquisition bridge loan on a 540-unit, Class C, garden-style apartment community located in Houston, Texas.
The Property is comprised of 49 two-story buildings containing 540 total apartment units. Site amenities include three swimming pools, seven laundry rooms and controlled access entry. A portion of the UC Funds loan will be used for renovations to turn vacant units, improve unit interiors, enhance the property’s curb appeal and upgrade the security system at the property.
“We provided our sponsor with a 90% LTC deal inclusive of capital for a robust renovation, all in 21 days,” commented Dan Palmier, President & CEO of UC Funds.
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.