UC Funds utilizes their competitive first mortgage loan to refinance a retail center in Port Richey, Florida
Port Richey, FL – April 11, 2018 – UC Funds, a vertically-integrated commercial real estate specialty finance firm, announced today the recent closing of $24.4 million first mortgage loan to refinance $22.5 million of existing debt on a 333,193-square-foot retail center in Port Richey, Florida. The property, Embassy Crossing, is a 30.7 acre site located at 9550 US Highway 19. UC Funds provided the sponsor, Aaron Berger, with a $2 million return of equity with $6 million of sponsor equity remaining in the deal. Berger plans to lease up 50,400 square feet of space vacated by Sports Authority in 2016, and bring the asset’s occupancy from its current level of 79 percent to over 95 percent.
Using their new product UC GO, UC Funds offered Berger a flexibly priced loan allotting $1 million for tenant improvements and leasing commissions. UC GO is the lowest rate, most competitive commercial mortgage product available in commercial real estate today. The non-recourse commercial mortgage bridge loan is now available at 85 percent loan to value (LTV) and 0.5 debt service coverage ratio (DSC).
”While reviewing this transaction, I immediately realized that Embassy Crossing is a nearly stabilized retail asset of the highest quality, with an extremely accomplished sponsor,” said Joe Mottola, Commercial Loan Originator at UC Funds. “This combination of factors clearly called for a bridge loan program offering great rates and flexibility. UC GO was the perfect capital solution for this transaction. The sponsor promptly accomplished all his financial goals at great terms, and UC Funds is excited about another mutually beneficial lending relationship.”
Port Richey is situated in Pasco County, approximately 40 miles north of Tampa and alongside Highway 19, one of the primary retail corridors on Florida’s western coast with a daily traffic count of around 70,000. Built in 1987 and renovated in 2005, Embassy Crossing consists of five buildings, totaling 309,000 square feet of retail and 24,000 square feet of office space. 38 tenants are currently at the property, including big box retailers Bed Bath & Beyond, Ross Dress for Less, Michael’s, Bealls Outlet, Books-A-Million, and Petco. The site also contains three outparcels, TD Bank, Chili’s Bar & Grill, and Olive Garden. Embassy Crossing is managed by Madison Properties.
Berger, who has over 40 years of experience acquiring, developing, owning and managing commercial real estate projects, purchased Embassy Crossing in 2014. He will now divide Sports Authority’s former space into two or three smaller boxes in an effort to increase the pool of potential tenants. The Manhattan-based developer is a longtime partner of UC Funds and saw an opportunity to collaborate when Sports Authority vacated.
“Aaron Berger is an active developer with a good position in the market,” said Daniel Palmier, President and CEO of UC Funds. “This partnership demonstrates UC Funds’ ability to grow and maintain relationships with strong sponsors. Aaron has been waiting for the right opportunity to collaborate again, and with the introduction of UC GO, his timing couldn’t be better. We have clear direction and sufficient in-place cash flow, and are expecting great things from the deal.”
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/.