UC Funds closes its ninth UC GO transaction for the acquisition and renovation of a hotel in Colorado
Denver, CO – April 25, 2018 – UC Funds, a vertically-integrated commercial real estate specialty finance firm, announced today the closing of a $12.7 million UC GO first mortgage loan for the acquisition and renovation of Best Inn & Suites, a 194-key hotel, located at 4590 Quebec Street in Denver, Colorado. Floor by floor renovations will enable the hotel to operate throughout construction.
The hotel will feature 98 Best Western Plus-affiliated single and double rooms targeting tourists and business travelers. The 96 Executive Residency by Best Western-affiliated rooms feature kitchenettes and target extended stay travelers.
UC GO, UC Funds’ commercial mortgage bridge loan, provided key funding to the deal, creating an opportunity for the owner to leverage its expertise in construction and hotel operations by capitalizing on the property’s strong in-place cash flow, ideal micro-location, and surrounding submarket. Launched in July 2017, UC GO is the lowest rate, most competitive commercial mortgage product available in commercial real estate today.
“We have a long-standing relationship with the borrower and this is our third deal with them. This further underscores the value we bring with fast, flexible and reliable financial solutions like UC GO,” said Daniel M. Palmier, President and CEO of UC Funds. “Denver’s population has grown tremendously over the past 10 years and it’s quickly becoming a lucrative market for lenders like UC Funds.”
The property is situated directly off I-70 within short proximity of many local attractions including the Shops at Northfield Stapleton, Dick’s Sporting Goods Park, the official stadium of the Colorado Rapids (MLS), and the United Airlines Flight Training Center. The Denver International Airport, the primary hub for Frontier Airlines and a major secondary hub for United and Southwest Airlines, is located 13 miles away making the property a prime location for travelers of all types.
Providing over $2 billion of capital solutions to date, UC Funds is known as the “go to” commercial real estate capital provider and the most sophisticated financial ally in the industry. Their team is dedicated to developing and maintaining long-term relationships with borrowers, and the company has earned a strong reputation for providing extensive reliability, standing by borrowers through completion. Those interested in learning more about UC Funds can visit www.UCFunds.com.
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/.
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