UC Funds, a vertically integrated commercial real estate specialty finance firm, funded a $21.1 million construction loan for a 53-unit Class AAA luxury multifamily and retail project in Poway, California, a suburb of the San Diego market.
This recent transaction demonstrates UC Funds’ entrepreneurial lens and ability to execute complex transactions. The Poway project includes PACE financing and will serve as a focal point for Poway’s downtown redevelopment program. In addition to 53 luxury units, the property will feature 45,000 square feet of retail space , already 100% pre-leased. “This transaction expands our footprint in California submarkets with a remarkable luxury multifamily and best-in-class amenities”, said Domenic Manago, Director of Sales for UC Funds.
San Diego is the second largest city in the state of California. Poway, one of San Diego’s most affluent suburbs, has a 900-acre business park with over 500 businesses providing significant employment opportunities to the area. General Atomic Aeronautical, Sysco, and GEICO, among others, have a significant presence along this corridor.