UC Funds $10 Million Multifamily in Memphis, TN
UC GO Platform injects much-needed capital for stalled projects.
Boston, MA – UC Funds exits a $10 million first mortgage for a 200-unit multifamily project in Memphis. This first mortgage bridge loan capitalized minor renovations and aesthetic upgrades, while providing the Sponsor with the time needed to finish leasing up and optimizing operations over an 18-month period.
The Sponsor was under extreme pressure from their prior lender to refinance. UC rescued the Borrower, took him out of his current, adversarial loan and UC Funds provided a Bridge to Perm loan. UC Funds executed quickly, provided time and proceeds to prepare the property for a successful permanent takeout and advised on the preparation for a refinance into a permanent agency loan.
“In today’s environment, our platform is a timely form of rescue capital for cash-flowing projects that are just steps away from stabilization,” said Ross Pemmerl, Chief Credit Officer. “We remain committed to creative solutions and never retreat from lending and aggressive asset management and Sponsor partnership.”
Learn more about our platforms and lending approach here or contact us at info@ucfunds.com for a full scope of our platforms for commercial real estate.
