Creative capital solution facilitates Class A luxury multifamily redevelopment in well-known Victory Park
Boston, MA – June 17, 2019 – UC Funds, a vertically-integrated commercial real estate specialty finance firm, announced today the closing of a $17.95 million first mortgage to refinance a previous construction and development loan at Magnolia Station in Dallas, Texas. Rich in history and a place of origin for the Texas Oil industry, Magnolia Station consists of seven buildings totaling 121 units on a 3.3-acre site. The property is currently 90 percent occupied and in a strong position for quick stabilization.
UC Funds’ loan facilitated the Sponsor’s business plan for stabilization of Phase II of Magnolia Station and also helped to structure a vanguard creative financial solution alongside an embedded master lease with a 3rd party service firm to rent out a portion of the upscale apartments as luxury hotel suites. UC Funds’ solution will help boost revenue and occupancy for the Sponsor.
“The Magnolia Station transaction is another example of UC Funds’ ability to look at deals with a unique lens that other lenders just are not able or willing to do. Our sophisticated approach to capital solutions gives the Sponsor a great boost in revenue projections as well as a nice competitive advantage in this very attractive, Dallas submarket,” said Dan Palmier, Founder and CEO of UC Funds. “Not only did we get a running start thanks to the Sponsor’s local expertise, but we also drew upon years of experience to lease out a portion of the property on beneficial terms. We look forward to future lucrative, outside-the-box transactions with this well-versed Sponsor.”
“Dallas-Fort Worth is a key market for commercial development across all asset classes,” continued Palmier. “A successful closing like this, in a contemporary hub mixing culture and commerce, is a significant accomplishment for both UC Funds and the Sponsor. Dallas residents have already benefited and will continue to benefit from the additional 60 units this loan funded for Magnolia Station.
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 or call (844) UC Funds.