December 21, 2021 – UC Funds a $35 million loan for the ground up new construction of a 137-unit Class AAA multifamily development in the Detroit, Michigan. This is the first phase of a larger 318-unit luxury complex.
UC Funds combined a creative capital structure with PACE funds to maximize the proceeds for the Sponsor. “The capital structure includes PACE, and we are very familiar with how to integrate PACE platforms into a winning capital solution,” said Joe Ambrose SVP of Production and Asset Management for UC Funds. “The sponsor team is very strong, and we see the promise of Detroit’s new growth trajectory.”
Lafayette Park is a historic and trendy neighborhood of Detroit that is approximately a half mile from the CBD and positioned for stout growth in the coming years catalyzed by more than $2 Billion in prominent mixed-use developments currently under construction in the immediate vicinity.
Detroit is undergoing a city-wide revitalization with significant economic development support of Quicken Loans CEO, Dan Gilbert, and buttressed by all of the Motor City corporations as well as tech companies such as Apple, Google, Amazon, and Microsoft.
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