UC Funds celebrates “Four on the Fourth”
Continuing an eight-year tradition, UC Funds is celebrating the Fourth of July with its “Four on the Fourth” campaign, completing the financing for four major commercial real estate deals throughout the country.
The first deal is a $16 million first mortgage loan for Brookridge and Meadowbrook apartments in Charlotte, North Carolina. The UC GO deal helped the sponsor acquire the 302 units. During the underwriting process, it became apparent that the properties needed more updating than expected due to mismanagement from previous owners. UC Funds worked with the entity to complete the deal with reliable capital.
The second deal is another UC GO loan, this time a $15.6 million first mortgage loan to provide flexible capital to a 230,470-square-foot retail center in Ardmore, Oklahoma. UC Funds provided the capital to refinance an existing first mortgage and the buyout of an equity partner. UC Funds was able to significantly lower the sponsor’s cost of capital with the low-floating rate of UC GO.
Third on the “Four on the Fourth” list is a $9.8 million first mortgage UC GO loan for Normandie Apartments, a 217-unit complex in Rochester, New York. UC Funds provided fast capital for a foreclosure auction by closing the deal in just two weeks.
And the final deal that rounds out the “Four on the Fourth” package is the grand opening of ONE CLUB Gulf Shores in Gulf Shores, Alabama. The 490-unit community underwent a significant renovation to become one of the top resort-style destinations in the region. The property was completely redesigned with updates to the golf course, residences, on-site dining amenities, and new pools planned.
If you are looking for a financial solution to your capital needs, contact us at http://ucfunds.com/ or call 1-844-UCFunds.