On the heels of a banner year in 2018, UC Funds recently received the Equity Deal of the Year Award for its renovation and delivery of a Marriott-franchised centerpiece in downtown Stamford, Connecticut.
In 2018, UC Funds finalized a $46M construction for the Marriott-franchised Residence Inn, an extended-stay, all-suite hotel located at 25 Atlantic Street in Stamford, Connecticut. UC Funds completed the project with $25M of equity placement along with a $21M construction loan. The Residence Inn is the first hotel in Stamford to offer extended stay lodging and now serves as Downtown Stamford’s only all-suite property. It’s Grand Opening celebration will occur on Thursday, June 6th.
UC Funds’ loan funded expedited construction for the asset’s redevelopment after the previous owner left the site untouched for two years. UC Funds acquired the property in 2017 and immediately started an accelerated timeline to complete the hotel and have it open in November 2018. The former eyesore has now become a picturesque focal point in the heart of Downtown Stamford.
UC Funds’ Residence Inn Stamford Downtown deal was awarded the Equity Deal of the Year due to the completion and the project’s long-term economic value to the city. The redevelopment delivers a much-needed asset class in the continued expansion of Stamford. It will trigger other investors and its presence will cement Stamford as the top corporate hub in the Northeast outside of Manhattan.