December, 2021 – UC Funds a $36 million loan for the recapitalization and renovation of a 384-unit multifamily complex in the Palm Beach County submarket.
Utilizing a creative capital structure, UC Funds was able to maximize proceeds for the Sponsor. “The capital structure was complex, and we were able to create a solution that enabled a significant renovation of 27 buildings and 384 multifamily units”, said Justin Capuano, AVP of Production. “We provided our sponsors a fast path through the crediting process to quickly begin their business plan.”
Located on the western side of Palm Beach county, the underlying fundamentals of this submarket are strong. The area is anchored by the sugarcane industry, producing over 40% of the US’s total annual sugar production, and further supplemented by significant growth in both the medical and industrial sectors.
