UC Funds

UC Funds Closes $3.75 Million Loan for Student Housing Renovations in New Mexico

Partnering with Gershon Eichorn, UC Funds closes a loan for renovations to student housing on ENMU Campuses

Roswell, NM – November 28, 2017 – UC Funds, a vertically-integrated commercial real estate specialty finance firm, announced today the recent closing of a $3.75 million leasehold mortgage loan for the renovation of two student housing properties adjacent to Eastern New Mexico University (ENMU) campuses in Portales and Roswell, New Mexico. UC Funds arranged for a 15-month loan with one six-month extension and one three-month extension.

Together, the two assets contain 198 units and 525 beds, consisting of one-, two-, and four-bedrooms. Sponsored by investor Gershon Eichorn of Up Realty, the renovation will convert all four-bedroom units at the properties to one- and two-bedroom units, bringing the revised count to 267 units and 431 beds. The properties were built as student housing in 2007 and are currently managed by American Campus Communities. Both are on ground leases with ENMU.

The Portales property, San Juan Village, is located near ENMU’s main campus at 11 West 17th Street. The five, three-story buildings will be condensed to 138 units and 219 beds post renovation. Roswell’s property, Sierra Vista Village, is situated at 28 West Martin Street, next door to ENMU’s Roswell satellite campus. The three, three-story buildings will be condensed to 129 units and 212 beds. Each property offers a variety of amenities including a pool, clubhouse, fitness center, recreation center, study lounge, and volleyball court. The units are between 50 and 60 percent occupied for the fall semester, and the process of converting unoccupied units has begun. The units are expected to be fully complete for leasing in the 2018 and 2019 school year.

“Gershon Eichorn’s decision to purchase these New Mexico properties exemplifies his keen eye for assets with the potential to become market value real estate,” said Daniel Palmier, President and CEO of UC Funds. “He saw great possibility in this deal, and found a way to improve operations easily by condensing the units. We admire his strategic thinking, and expect to do much more business together in the future.”

Eichorn owns properties in New York, New Jersey, and Connecticut. As his portfolio grew, Eichorn looked to expand into different markets. He acquired San Juan Village and Sierra Vista Village in 2017, forming a redevelopment plan that will add value to the asset by replacing the inefficient unit mix with more desirable floor plans. UC Funds and Eichorn expect to see significantly increased occupancy and a boost in the residential real estate markets of Portales and Roswell.

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 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 +395, 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/.

###

Press Contact

Leigh Minnier

Vice President

Gregory FCA

610-228-2108

leigh@gregoryfca.com

Exit mobile version