UC Funds $5.8 Million First Mortgage in strong Denver market.
UC Funds, a vertically-integrated commercial real estate specialty finance firm, announced today the closing of a $5.8 million first mortgage loan for the acquisition and renovation of Dallas Street Apartments. Located just six miles east of Downtown Denver, Dallas Street’s Apartments sits in the very healthy multifamily market of greater Denver.
UC Funds’ loan enables the Sponsor to acquire and perform key renovations on the asset and continue to increase value in this thriving market. Sponsors will conduct light renovation and interior upgrades on the 60-unit property consisting of five, three-story apartment buildings on its campus. This marks UC Funds’ 5 th transaction in the greater Denver region.
“We are excited for this opportunity to finance a value-add investment that will enhance the Denver market’s thriving residential sector,” said Ross Pemmerl, Vice President of Underwriting at UC Funds. “Dallas Street Apartments is in a strong submarket experiencing consistent rental rate growth. The location, paired with the Sponsor’s impressive multifamily portfolio and UC Funds’ expertise in property repositioning makes this an excellent investment opportunity.”