UC Funds, a vertically integrated commercial real estate specialty finance firm, funded a $15 million acquisition and renovation loan for a 367-unit multifamily portfolio in the Palmer Park neighborhood of Detroit, Michigan.
This most recent transaction places UC Funds as the frontrunner for the most active private lender during the pandemic. “The borrower was stopped in their tracks. Bank after bank promised to lend and then put their pencils down”, said Domenico Manago, Director of Sales for UC Funds. “We now have a new customer who understands the importance of reliability with a lender and how critical certainty of execution is.”
This multifamily portfolio is located in Palmer Park, a 300-acre historic park and neighborhood in Detroit. With recent investments in excess of $6 Billion by the CEO of Quicken Loans, Amazon, and the established automotive industry, Detroit’s future looks very bright.