UC Funds surpasses $100 million in financing through its UC GO platform
North Miami Beach, FL – June 5, 2018 – UC Funds, a vertically-integrated commercial real estate specialty finance firm, announced today the closing of an $8.8 million first mortgage loan for the acquisition and renovation of Prestige Boardwalk, a 94-unit apartment community located at 1830 NE 167th Street in North Miami Beach, Florida. UC Funds’ new borrower will utilize the loan to purchase, renovate, and rebrand the asset to Prestige Boardwalk.
Built in 1957, the soon-to-be-named Prestige Boardwalk consists of 15 two-story buildings located on a 2.5 acre site. Amenities include an on-site laundry facility, in-ground pool, on-site leasing office and a large selection of two-bedroom units. The six-month renovation process will include a facade improvement plan to match the exterior aesthetic to his other properties in and around Miami, as well as operational and structural improvements.
UC GO, UC Funds’ commercial mortgage bridge loan, was integral in funding the deal. The non-recourse loan will allow the sponsor to continue its successful pursuit of real estate development in the area. Launched in July 2017, UC GO is the lowest rated, most competitive commercial mortgage product available in commercial real estate today. This marks UC Funds’ tenth UC GO transaction, pushing profits from the platform to over $100 million.
“The sponsor recognized the shortage of two-bedroom units, pools, and leasing offices in North Miami Beach, and jumped at the chance to improve quality of life for area residents,” said Daniel M. Palmier, President and CEO of UC Funds. “The opportunity to fill a gap in the city’s market made this an extremely attractive investment. UC GO provided the flexible financing needed to further expand the sponsor’s portfolio of multifamily acquisitions in the area. This is hopefully the first of many deals with UC Funds.”
Situated on the Biscayne Bay, 10 miles from Miami’s CBD, North Miami Beach is known for its pristine beaches and boating and yacht production sites. The city is also home to several educational institutions including Florida International University, Nova Southeastern University, and Johnson & Wales University. It lies in close proximity to plentiful dining options and retail supercenters including WalMart, Target, The San Francisco Shopping Center, and The Mall at 163rd Street.
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/.