UC Funds, a vertically integrated commercial real estate specialty finance firm, announced today the funding of a $12.4 million first mortgage for the construction of a Class A multifamily property in the Pacific Northwest.
The multifamily project is located in downtown Boise, Idaho, one of the fastest growing employment centers in the United States.
Stalled in progress due to the COVID-19 pandemic, UC Funds quickly dove in to help the sponsor restart construction and resume their business plan. “This is another transaction that illustrates UC Funds’ ability to advance stalled projects and keep our economy moving”, said Dan Palmier, Founder and CEO of UC Funds.
Boise’s downtown has a burgeoning tech and medical industry as well as the 26,000 student population of Boise State University. With an under-supply of housing, this new project will meet the demand for this growing region of the United States.