UC Funds enters St. Louis with the latest closing of a first mortgage loan
BOSTON – March 4, 2019 – UC Funds, a vertically-integrated commercial real estate specialty finance firm, announced today the closing of a $6 million first mortgage loan for the acquisition and renovation of Windham Chase Apartments. The 218-unit multifamily property is located at 12401 Horizon Village Drive in St. Louis, Missouri.
Built in 1972, Windham Chase Apartments offers various amenities including a swimming pool and sundeck, a basketball court, a clubhouse, a leasing office, and ground-floor laundry rooms in each building. The loan will fund the sponsor’s acquisition of the asset along with significant renovations to recover 37 units that haven’t been operating due to water damage, upgrade interiors of currently operating units, and improve property maintenance including electrical and roofing repairs.
“Windham Chase Apartments marks our third transaction with this particular sponsor. Considering they’ve been a reliable partner of ours and the asset is situated in a prime location, we expect another successful endeavor,” said Daniel Palmier, Founder and CEO of UC Funds. “The closing is a true testament to UC Funds’ grind-it-out mentality. Our team worked with the sponsor for seven months to finalize this deal and we’re thrilled to see the project unfold.”
Windham Chase Apartments consists of 22 two- and three-story buildings situated on a 12.1-acre site in the Spanish Lake neighborhood of northern St. Louis. Just 10 miles north of St. Louis’ Central Business District (CBD), residents working for one of the 10 Fortune 500 companies including Express Scripts, Edward Jones, and Peabody Electric can easily commute to work in less than 30 minutes The city has seen steady multifamily growth since 2012, thanks to multiple strong economic drivers and the area’s tie to The Mississippi River. The Port of St. Louis is the third busiest inland port in the nation with an annual throughput of over 15 million tons. Nearby Washington University, boasting a student population of 15,000, and BJC Healthcare, the largest local employer, also contribute to St. Louis’ growth.
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. Its 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
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. 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. For more information on UC Funds, visit www.UCFunds.com.
Associate Vice President