UC Funds continues its series of strong closings in primary markets with a multifamily transaction near Downtown Atlanta
Stone Mountain, GA – January 28, 2019 – UC Funds, a vertically-integrated commercial real estate specialty finance firm, announces the closing of a $14.3 million first mortgage loan for the for the acquisition and renovation of Golden Gate Townhomes, a multifamily property located at 1 Chatfield Drive in Stone Mountain, Georgia. Golden Gate Townhomes consists of 37 two-story buildings totaling 316 units.
The Sponsor acquired the dilapidated property in 2012 and has incrementally renovated it to near Class A condition. While UC Funds’ $14.3 million loan was originally structured as a $12 million loan, upon realizing the property’s significant underlying equity value, UC Funds leveraged its entrepreneurial experience and grew the loan to refinance the previous lender; and more importantly, to accommodate a larger return of equity to the Sponsor.
“Golden Gate Townhomes is over 95 percent occupied on the first two phases of renovation,” said Daniel Palmier, Founder and CEO of UC Funds. “Our loan will provide capital for the Sponsor to complete the final phase of renovation and achieve full occupancy. Its mutually beneficial structure allowed us to deploy more capital at a higher rate of return and gave the sponsor additional funds to pursue future transactions. We’re ending the year with a successful closing that perfectly illustrates UC Funds’ flexibility and client-centric focus.”
Built in 1967, Golden Gate Townhomes sits on a 50.6-acre site, including 13.1 acres of undeveloped land. The area is currently zoned for the addition of 100 units. The property’s amenities include a pool, tennis court, leasing office, playground, gated entrance, and private balconies for every unit.
Golden Gate Townhomes is well situated in Stone Mountain, 12 miles Northeast of downtown Atlanta. Home to one of the city’s largest industrial and logistics markets, the suburb’s multifamily market is on the rise, outpacing Atlanta as renters gravitate towards affordable housing near major employers.
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
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. 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. For more information on UC Funds, visit www.UCFunds.com.