UC Funds closes another multifamily acquisition and renovation in the Greater Fort Lauderdale market
Boston, MA – March 4, 2019 – UC Funds, a vertically-integrated commercial real estate specialty finance firm, announces the closing of a $9 million first mortgage loan for the acquisition and renovation of Viewmax Apartments located at 2101 Northwest 55th Avenue in Lauderhill, Florida. The multifamily property consists of two, four-story apartment buildings and one, single-story leasing office building. The property is currently 90 percent occupied.
UC Funds’ loan enables acquisition of the asset while allowing the Sponsor to fully renovate all unit interiors and upgrade both the exteriors and the common areas. This marks UC Funds’ second transaction with the Sponsor following the 2018 closing of an $8.5 million first mortgage loan for Carter Park Apartments in nearby Fort Lauderdale.
“The Property is located in the strong Fort Lauderdale rental market where market-wide occupancies consistently average at or above 95 percent,” said Ross Pemmerl, Vice President of Underwriting at UC Funds. “We’ve been fortunate once again to benefit from the Sponsor’s great expertise in the local multifamily market. Our previous investment, Carter Park, is performing well and we anticipate an equally successful outcome with Viewmax Apartments.”
Viewmax Apartments, built in 1972, totals 88 two-bedroom units. Interior upgrades will include complete kitchen and bathroom renovations and the replacement of individual HVAC units. Exterior upgrades will include parking lot and roofing upgrades, laundry room renovations, landscaping improvements, and more.
Viewmax Apartments is located on a 2.85-acre site within five miles of Nova Southeastern University, a private non-profit university with a student enrollment of 20,793; and within six miles of the Broward Health Medical Center, which is among the top 10 largest healthcare systems in the United States. A hub for yacht manufacturing and maintenance, Lauderhill is a prime employment center in Greater Fort Lauderdale. Its boating industry, commercial fishing, and recreational boating support over 10,000 jobs in Broward County.
“On the heels of closing $30 million in new transactions this January alone, we’re maintaining our momentum by working with clients and sponsors to build upon these high-quality deals to continually increase closing volume,” said Daniel Palmier, Founder and CEO of UC Funds. “The Viewmax Apartments transaction is especially profitable due to its location and it makes for a great addition to our portfolio as it is the third deal UC Funds has worked on in the South Florida region within the past 6 months. We hope to fund more multifamily projects in this region to add to our growing footprint in Florida.”
About UC Funds
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.
Associate Vice President