UC Funds Closes Approximate $9 Million UC GO Loan for North Miami Beach Multifamily Renovation
Here at UC Funds, we’re toasting to our tenth UC GO transaction. The recent closing of an acquisition and renovation in Southern Florida pushed profits from our UC GO platform past $100 million!
UC GO was key in funding the approximately $9 million first mortgage loan for the purchase and rebranding of Prestige Boardwalk, a 94-unit apartment community located at 1830 NE 167th Street in North Miami Beach, Florida. Built in 1957, the asset consists of 15 two-story buildings located on a 2.5 acre site.
The sponsor plans to majorly upgrade Prestige Boardwalk, matching the exterior aesthetic to its other multifamily properties in the area. Renovations are set for completion in six months, and will also include structural improvements.
Prestige Boardwalk’s ideal location in North Miami beach, a short 10 miles from Miami’s CBD, offers easy access to the city’s plentiful beaches. Situated near major retail and commercial thoroughfares like Biscayne Boulevard and I-95, the asset lies in close proximity to a variety of dining options and retail supercenters like WalMart, Target, The San Francisco Shopping Center, and The Mall at 163rd Street.
The sponsor’s keen interest in commercial real estate fits perfectly with our team’s core vision. Having utilized UC GO to help finalize one of his many multifamily acquisitions, we foresee a long and fruitful partnership. Miami is an increasingly important market, and given our heavy focus on multifamily investments in downtown areas, the collaboration with the sponsor is perfectly timed.
Prestige Boardwalk is sure to match the success of the sponsor’s other local properties, and as UC GO continues rising in demand, we can’t wait to see what comes next.