UC Funds closes multimillion dollar loan funding part of three-phase, mixed-use development
Philadelphia, PA – August 29, 2018 – UC Funds, a vertically-integrated commercial real estate specialty finance firm, announced today the closing of a $20.55 million first mortgage loan for Phase II of Liberty Square, a ground-up, Class A mixed-use development at 236 West Thompson Street in Philadelphia, Pennsylvania. The loan will fund construction of Phase II of the planned three-phase, mixed-use complex that spans an entire city block.
The Sponsor completed construction of the first 59 residential units during Phase I. Work began on Phase II in early 2018. Phase II of Liberty Square encompasses the construction of 79 residential units, 10 live/work units and 6,700 square feet of ground retail space. Upon completion, Liberty Square Phase II will have the highest luxury amenities in the market, including an underground parking garage, opulent lounges, and a landscaped plaza complete with fountains, gardens, and a dog park.
“The multifamily market in Philadelphia has experienced significant expansion over the last 10 years. The booming local economy and strong job growth has allowed the real estate market to flourish,” said Jeremy Ross, Chief Credit Officer of UC Funds. “Liberty Square is one of 43 apartment projects taking place within a three-mile radius and one of the most high-end. This loan is also a testament to UC’s grind-it-out mentality as it originally signed up in March. Our work with the Sponsor provided them with the capital they needed and allows them to complete construction and lease-up Liberty Square to stabilization. ”
Liberty Square is located in the Northern Liberties neighborhood of Philadelphia, known for its large young professional and student population. Philadelphia, ranked the sixth most populous city in the U.S., is the perfect juxtaposition of old and new. The vibrant city is home to five national sports teams, 15 four-year colleges, five Fortune 500 companies and numerous historic landmarks including the Liberty Bell and Independence Hall.
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 Dan 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. 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 +275, 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/.