UC Funds $37.5 Million in Oakland, CA
Sophisticated Financial Structure for Adaptive Reuse Project
UC Funds, a vertically integrated commercial real estate specialty finance firm, funded a $37.5 million loan for the ground-up development of a 102-unit, Class A luxury “live-work” multifamily in the West Oakland submarket of San Francisco Bay area.
This recent transaction demonstrates UC Funds’ expertise with complicated deal structures involving tax credits or PACE. UC Funds was able to develop a structure to allow the sponsor to complete their innovative live-work project just in time for California’s multifamily rebound from the COVID pandemic.
“We always work to see the possibilities in a deal and we never put our pencils down”, said Joe Ambrose, SVP of Production for UC Funds. “This adaptive reuse project underscores what the market knows us for: a sophisticated financial ally who shines best with complicated structures that others overlook.”
The Oakland submarket’s fundamentals are strong, post-pandemic, and the developers innovation in use of space provides great flexibility for future residents. Oakland has solid fundamentals with one of the busiest ports in the United States and major headquarters in healthcare and technology such as Kaiser Permanent and Pandora media.
For more information on recent transactions: https://ucfunds.com/recent-transactions/.