Long Beach, CA – October 3, 2018 – UC Funds, a vertically-integrated commercial real estate specialty finance firm, announced the closing of an $8 million first mortgage loan for a 34-unit multifamily property in Long Beach, California. The loan will fund large-scale renovations and upgrades for the property and individual units.
The asset, consisting of two adjacent two-story buildings, was built in 1961. Amenities include an outdoor swimming pool, laundry room, and 29 covered and open parking spaces for residents and guests.
“The Long Beach transaction represents UC Funds’ continued expansion on the West Coast of the US. This is an extremely robust and active real estate market, with investors spending nearly $1 billion in the past year in the multifamily market, far outpacing all other regions in the greater Los Angeles area,” said Cathy Oniffrey, Managing Director of UC Funds. “This closing has allowed us to continue our footprint while maintaining our high standard of speed and flexibility. We plan on developing significantly more deals in this market in the near future.”
The Long Beach property is expected to attract young professionals working in surrounding urban areas seeking luxury housing that fits their budget and offers a convenient commute. The overcrowding, housing shortages and exorbitant costs of neighboring cities like Los Angeles City, Beverly Hills, West Hollywood, and Santa Monica, have led home-buyers and renters to consider Long Beach as an affordable and convenient alternative.
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/.