UC Funds, a vertically integrated commercial real estate specialty finance firm, funded a $35 million acquisition loan for a 152-unit senior living and mixed use project in Aurora, Illinois.
This recent transaction demonstrates UC Funds’ ability to navigate and deliver on complex transactions and pioneering adaptive reuse projects. “The Avalon Heights project combines federal and state historic tax credits, PACE financing, and local TIF incentives alongside an innovative mixed use development plan,” said Ross Pemmerl, Chief Credit Officer for UC Funds. “We thrive on these complex deal structures and have significant experience with adaptive reuse projects. This project represents a great combination of these two areas of expertise, as well as UC’s proficiency in financing sophisticated transactions.”
Aurora is the second largest city in the state with robust population and economic drivers. More than eight hospitals surround the project site and the senior living market remains a strong investment with above market rates and occupancy levels.