UC Funds Closes $35.95 Million Bridge Loan for Mixed-Use Redevelopment in Detroit, MI
Firm completes its latest mixed use transaction with sponsors focused on Detroit’s revitalization
Boston, MA – June 23, 2019 – UC Funds, a vertically-integrated commercial real estate specialty finance firm, announced today the closing of a $35.95MM bridge loan to refinance the historic Fisher Building in downtown Detroit. The loan will be used to refinance existing debt, complete several key renovation projects, and provide capital for tenant improvement buildouts to bring occupancy to 90%+.
“The Fisher Building transaction illustrates UC Funds’ ability to quickly finance loans to enable critical business plans that Sponsors need to execute. Few other firms can complete a thorough evaluative process in the time that UC Funds is able to” said Daniel Palmier, Founder and CEO of UC Funds.
The Fisher Building, an iconic office building, is widely regarded as one of the most historic multi-use complexes in Detroit. “The Sponsor team has strong roots in Detroit and are at the forefront of this important city’s redevelopment,” continues Palmier. “Their track record is impressive and we look forward to their success with the Fisher Building and future projects we can work on, together.”