UC Funds is proud to announce the funding of a $5.7 million bridge loan for the acquisition and minor renovation of a 72-unit Class A multifamily Property located in John’s Island, South Carolina, a suburb of Charleston. As part of the business plan, the sponsor will acquire eight condo units that were previously sold out of the Property to reunite the original, 80-unit Property.
The sponsor’s renovation program will systematically upgrade units as they turn and increase rental rates post-upgrade. Moreover, the sponsor will increase curb appeal at the property by updating the signage, exterior paint, and by completing minor renovations to the pool area.
The property is situated on a 10.0 acre site and spans 14, two-story buildings. The property benefits from its proximity to a diverse employment base including Boeing and both the Charleston Air Force Base and the Charleston International Airport which combine to create 34,000 jobs annually. Johns Island is located 10 miles southeast of Charleston in the one of the fastest growing suburbs within the Charleston MSA which has experienced 62% population growth since 2000.
Ross Pemmerl, UC Funds Senior Underwriter said, “UC Funds is excited to finance our second transaction in the Charleston, SC area. We plan on doing many subsequent deals in the Charleston MSA, one of the strongest multifamily markets on the east coast.”
UC Funds is a national balance sheet provider of both debt and equity capital solutions. UC Funds has provided over $1 billion dollars of capital solutions in 2015. For more information about UC Funds’ commercial real estate platform, please visit (www.ucfunds.com).
UC Funds provides quick financial solutions throughout the entire capital stack, including joint venture equity. UC Funds is one of the nation’s most entrepreneurial lending institutions, focused on Multifamily, Retail, Office, Hotel, Industrial/Warehouse, Adaptive Reuse and Construction assets nationwide. For more about the UC Funds’ commercial real estate platform, visit (www.ucfunds.com).