UC Funds, a vertically integrated commercial real estate specialty finance firm, plans on investing $150 million to develop a 600-unit Class A luxury multifamily and retail project in Bridgeport, PA, a suburb of the Philadelphia market.
UC Funds and PRDC Properties plan to develop 250 apartments, 350 townhouses and 7,000 square feet of retail space on 35 acres along the banks of the Schuylkill River in Bridgeport, Pennsylvania. Final approval for the project is imminent and the partnership expects to build what is called Bridgeview over four phases.
Bridgeview has potential to be transformative to the small Montgomery County community. “In terms of what this project means to the borough – transformative change in no uncertain terms,” said Keith S. Truman, borough manager. “This project will be the catalyst for more residential and commercial redevelopment of varying shapes and sizes, furthering the borough’s current goals of revitalizing its commercial corridor and diversifying its housing.”
UC Funds has led the way to get the money needed to develop the project. “We got involved 5 years ago as a lender and now see an opportunity to get creative and create something special,” said Dan Palmier, Founder of UC Funds. The first phase is expected to get under way during the second quarter of next year.