Company closes four major financing deals in honor of national holiday
BOSTON–July 4, 2018–Continuing an eight-year tradition, UC Funds is celebrating the Fourth of July with its “Four on the Fourth” campaign, completing the financing for four major commercial real estate deals throughout the country.
“America is known for its entrepreneurship and dedication to success,” said Daniel M. Palmier, CEO of UC Funds. “I like to celebrate these core values every day, but the UC Funds’ team likes to make the extra effort to close four deals before we celebrate the holiday. Our clients know that they can depend on us 24/7 to get them the financing that they need to get their real estate deals done.”
The first deal is a $16 million first mortgage loan for Brookridge and Meadowbrook apartments in Charlotte, North Carolina. The UC GO deal helped the sponsor acquire the 302 units. During the underwriting process, it became apparent that the properties needed more updating than expected due to mismanagement from previous owners. UC Funds worked with the entity to complete the deal with reliable capital.
The second deal is another UC GO loan, this time a $15.6 million first mortgage loan to provide flexible capital to a 230,470-square-foot retail center in Ardmore, Oklahoma. UC Funds provided the capital to refinance an existing first mortgage and the buyout of an equity partner. UC Funds was able to significantly lower the sponsor’s cost of capital with the low-floating rate of UC GO.
Third on the “Four on the Fourth” list is a $9.8 million first mortgage UC GO loan for Normandie Apartments, a 217-unit complex in Rochester, New York. UC Funds provided fast capital for a foreclosure auction by closing the deal in just two weeks.
And the final deal that rounds out the “Four on the Fourth” package is the grand opening of ONE CLUB Gulf Shores in Gulf Shores, Alabama. The 490-unit community underwent a significant renovation to become one of the top resort-style destinations in the region. The property was completely redesigned with updates to the golf course, residences, on-site dining amenities, and new pools planned.
For more information about UC Funds please visit https://ucfundsnu.wpengine.com/ or call 1-844-UCFunds.
About UC Funds
Founded in 2010 by Daniel M. Palmier, UC Funds is a vertically integrated commercial real estate specialty finance firm that originates, structures, underwrites, and asset manages its estate investments. A national balance sheet provider of both debt and equity capital solutions, UC Funds has provided over $2 billion of capital solutions to date. UC Funds offers quick and customized financial solutions throughout the entire capital stack, including joint venture equity. One of the nation’s most entrepreneurial lending institutions, UC Funds focuses on multifamily, retail, office, hotel, industrial/warehouse, adaptive reuse, and construction assets nationwide. The firm has developed strong relationships with past and current borrowers through their renowned customer service, creativity, speed, and reliability. In July 2017 UC Funds announced the launch of their industry leading non-recourse commercial mortgage bridge loan, UC GO. This is the most transformative and competitive commercial mortgage product available in commercial real estate. The variable rate non-recourse product, which starts at LIBOR +350, is available for loans as little as $5 million. To apply for UC GO financing, please contact Domenico Manago, Managing Director of Sales, at 857-288-2811 or email Dmanago@ucfunds.com. For more information on UC Funds, visit www.UCFunds.com or https://danielpalmier.ucfunds.com/.