Charlotte, NC – May 17, 2018 – UC Funds, a vertically-integrated commercial real estate specialty finance firm, announced today the closing of a $12.8 million UC GO first mortgage loan for the acquisition and renovation of Park Fairfax and Colonial Place, two contiguous multifamily properties totaling 274 units. Located at 180 Fairfax Drive in Charlotte, North Carolina, the two residential complexes are comprised of 28 buildings, with Colonial Park in the North and Park Fairfax in the South. The two-story garden-style buildings were built between 1971 and 1974, on a 22.9 acre site. Park Fairfax currently offers 138 units and Colonial Place features 136. Various amenities include two pools, two on-site leasing offices, and laundry facilities.
The sponsor will utilize the loan to purchase and renovate the assets. The renovation program will improve property exteriors, the addition of an on-site security system complete with guard, and upgrade select unit interiors, creating additional upside for revenue.
UC GO, UC Funds’ commercial mortgage bridge loan, provides key funding to the deal, creating an opportunity for the sponsor to leverage their knowledge of the Charlotte market with each property’s strong in-place cash flow. Launched in 2017, UC GO is the lowest rate, most competitive commercial mortgage product available in commercial real estate today.
“Charlotte was the fastest growing city in the country for 10 years and its rapid population and economic growth make it a key market for lenders,” said Daniel M. Palmier, President and CEO of UC Funds. “Thanks to UC GO’s flexibility and speed, we’ve successfully combined our knowledge of multifamily investments with the borrower’s focus on value-add properties to reach a lucrative closing.”
The property is situated in an advantageous location, only five miles from downtown Charlotte, between the Charlotte Douglas International Airport and a strong pocket of industrial employment. A large network of industrial and office demand drivers lie adjacent to the complex, including the Northwest Industrial Park, the FedEx Ground Service Hub, ReVenture Park and Airpark West Three. Additionally, Bank of America and Wells Fargo are headquartered in Charlotte, buoying the city’s growth and making it the third largest financial center in the United States.
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/.