Macon, GA – October 22, 2018 – UC Funds, a vertically-integrated commercial real estate specialty finance firm, recently announced the closing of a $5.3 million first mortgage loan to refinance three properties totaling 256 units in Macon, Georgia.
In January 2017, UC Funds provided a $4.5 million first mortgage loan to recapitalize the properties, curing deferred maintenance and bringing down units back online. The properties are now 96 percent occupied. This new $5.3 million loan will refinance the properties, providing the sponsors with a lower cost of capital and enabling them to reinvest cash flow into unit upgrades as they become available. The loan will also help fund parking lots and other exterior improvements.
UC GO, UC Funds’ newest commercial mortgage product, was integral in funding the transaction. Launched in 2017, the non-recourse bridge loan will enable the sponsor to continue property improvements and further boost occupancy. UC GO is the lowest rate, most competitive commercial mortgage product currently available in commercial real estate.
North Napier apartments, located at 4017 Napier Avenue, has 104 units contained within nine, two-story buildings. Vineville North Apartments, located at 3516 Vineville Avenue, consists of 80 units contained within 15, two-story buildings. Riverbend Apartments, located at 3645 Mercer University Drive, holds 72 units contained within nine, two-story buildings.
“The sponsors’ high occupancy rate shows that this portfolio is in demand from residents seeking workforce housing. Our loan will help them keep the apartments competitive to other complexes in the area with the new renovation program,” said Jeremy Ross, Chief Credit Officer at UC Funds. “Our expertise in multifamily, combined with the sponsors’ motivation and the assets’ central location will make this a profitable investment.”
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/.