UC Funds closes two multifamily transactions for acquisition and renovation in the prime Dallas market amid Fortune 500 companies and the hot medical district
Dallas, TX – January 28, 2018 – UC Funds, a vertically-integrated commercial real estate specialty finance firm, announced the closing of a $9.3 million first mortgage loan for the acquisition and renovation of Luau and Koko Apartments, two multifamily properties totaling 138 units in Dallas, Texas.
The loan will fund significant in-unit upgrades as well as exterior and amenity improvements to drive value. The properties are currently 93 percent occupied and sit on the frontier of a rapidly gentrifying area in Dallas’ medical district.
The assets consist of five, two-story buildings, situated one block apart and approximately 4.5 miles northwest of downtown Dallas. Luau Apartments, built in 1963, is located at 2121 Empire Central Drive and comprises 38 units. Koko Apartments, built in 1964, is located at 2211 Empire Central Drive and holds 100 units. The properties sit on 3.4 total acres. Amenities include on-site laundry, community courtyards, barbeque grilling areas, and a combined 153 parking spaces.
“We’re thrilled to share our value-add expertise for the revival of two such well-situated assets,” said Daniel Palmier, President and CEO of UC Funds. “Dallas’ growing population, strong job market, and low unemployment rate makes this a great investment. We look forward to developing yet another lucrative, ongoing partnership as the borrower expands their footprint in the local commercial real estate market.
Dallas is the third largest city in Texas and ranks ninth in population size nationally. One of the fastest growing cities in the country, it is home to the headquarters of nine Fortune 500 companies including AT&T, Southwest Airlines, and Tenet Healthcare.
Luau and Koko Apartments are proximate to major area demand drivers including the renowned Southwestern Medical District and West Love Market, featuring a 350-unit multifamily property and major hospitality and retail.
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.