UC Funds provides financing for the renovation of a student housing complex near Purdue University
West Lafayette, IN – December 10, 2018 – UC Funds, a vertically-integrated commercial real estate specialty finance firm, announced today the closing of a $15.85 million first mortgage loan for The Fairway. The Fairway, a 167-unit, 298-bed student housing complex located at 1304 Palmer Drive in West Lafayette, Indiana, is currently 97 percent occupied. The loan will fund the acquisition of the complex and renovations towards in-unit upgrades and amenity improvements.
Sitting on 8.82 acres, the asset consists of 12, three-story buildings and one clubhouse. Initial construction began in 1983 with nine buildings totaling 108 units and 180 beds. In 2007, a full-scale renovation was performed to add three buildings with 59 units and 118 beds. Amenities include an outdoor swimming pool, dog park, fitness center, tanning room, balconies, and a clubhouse containing a leasing office and community recreational room. The Fairway also provides 291 parking spaces for residents and features a designated bus stop for the University-provided shuttle.
“The Fairway transaction marks UC Funds’ second deal with the sponsor and represents our ongoing commitment to help further shape the student housing sector,” said Daniel M. Palmier, President and CEO of UC Funds. “Across the U.S., university enrollment rates have surged, including at Purdue University. As a result, there is now a lack of local student housing. We are pleased to do our part in meeting rising demand by financing the renovations of this community to today’s students’ standards.”
The Fairway is located two miles north of Purdue University’s main campus. As of 2018, this campus had approximately 43,400 students enrolled, the highest in its history. Bordering The Fairway is a Purdue-owned golf course and additional residential housing, both single-family homes, and high-density student housing.
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, a vertically integrated commercial real estate specialty finance firm, originates, structures, underwrites, and asset manages its commercial real 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. UC GO is now available at 85 percent loan to value and 0.5 debt service coverage ratio. The variable rate non-recourse product, which starts at LIBOR +295, is available for loans as little as $5 million. To apply for UC GO financing, please contact Joseph Ambrose, Senior Vice President of Production, at 1-844-UCFUNDS or email jambrose@ucfunds.com. For more information on UC Funds, visit www.UCFunds.com or https://DanPalmier.wordpress.com/.
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