UC Funds closes UC GO transaction for the acquisition and renovation of Carter Park Apartments in Fort Lauderdale, FL
Fort Lauderdale, FL – June 2, 2018 – UC Funds, a vertically-integrated commercial real estate specialty finance firm, announced today the closing of a $8.5 million first mortgage loan for the acquisition and renovation of the 96-unit Carter Park Apartments, a 4.84-acre property, located at 700-745 NW 14th Terrace in Fort Lauderdale, Florida. The borrower’s plan is to utilize UC Fund’s loan to fund the purchase and renovation of the asset. Upon acquisition, a full renovation of 22 unrenovated units is planned, along with exterior improvements and the implementation of a new security system. The sponsor plans to complete numerous real estate projects, including various multi-family and retail projects, within the Broward County market.
Utilizing its innovative UC GO first mortgage loan, UC Funds is providing key funding to the deal, creating an opportunity for the sponsors to leverage their knowledge of the local markets with their experience in renovating value-add properties. Launched in July 2017, UC GO is the lowest rate, most competitive commercial mortgage product available in commercial real estate today. The non-recourse loan is available at 85 percent loan to value (LTV) and 0.5 debt service coverage ratio (DSCR).
“With Fort Lauderdale seeing steady growth in median household income over the last seven years, Carter Park Apartments was an attractive investment,” said Daniel M. Palmier, President and CEO of UC Funds. “With UC GO, the sponsors have the opportunity to renovate and easily lease up vacant units in an in-demand location. The property’s proximity to several of the area’s key demand drivers and various local attractions will make the closing a profitable venture on both sides.”
Built in 1958, with recent renovations occuring in 2017, Carter Park Apartments features one studio unit, 95 two-bedroom units, an on-site laundry facility and 120 parking spaces. 74 out of the 96 units are fully renovated. The property is centrally located near the largest employers in Fort Lauderdale, Tenet Healthcare and American Express, and just two miles from the Broward Health Medical Center, a multi-serviced Level 1 Trauma Center that is part of one of the largest health systems in the country. Seven miles from the Seminole Hard Rock Hotel and Casino and less than a mile from Sunrise Boulevard featuring The Galleria at Fort Lauderdale and Publix, community residents have easy access to a wide variety of convenient retail and entertainment options.
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. 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 +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/.