Firm Finances $16.8 Million Class A Apartment Community in Waco, Texas
January 29, 2020 – UC Funds, a vertically-integrated commercial real estate specialty finance firm, announced today the closing of a $16.8 million first mortgage loan for the acquisition and development of a multiple phase 167-unit multifamily project, Franklin Place, located in Waco, Texas. UC Funds’ loan enables the Sponsor to acquire and renovate the existing apartments, lease up the existing ground floor retail and develop a second phase of apartments, featuring an additional 104 units, from the ground up. This marks UC Funds’ 25th transaction in the Southwest market and 10th in Texas.
“Waco is a healthy market and Franklin Place is the latest of several UC Funds’ investments in Texas. Franklin Place represents many elements of transactions that are attractive to us with a strong market, smart renovations, and ground-up construction,” said Cathy Oniffrey, Managing Director for UC Funds. “We were able to work alongside the Sponsor to look at this opportunity with our hallmark UC Funds’ entrepreneurial lens and develop a creative capital solution. With all of our disciplines under one roof, we facilitated a smooth closing on a complicated transaction. No other firm is able to be as responsive and creative as our team.”
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.
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