UC Funds closes new $9 million loan for multifamily property in Lauderhill, Florida
We’re thrilled to announce the closing of a $9 million first mortgage loan for the acquisition and renovation of Viewmax Apartments, a multifamily property consisting of two, four-story apartment buildings and one, single-story office building in Lauderhill, Florida.
UC Funds’ loan will fund renovations to 100 percent of unit interiors, as well as finance exterior and common area upgrades, as part of the Sponsor’s plan to enhance the overall curb appeal and quality of the property.
This is our second venture with the Sponsor, who has a great deal of multifamily experience in the local market. Last July we closed an $8.5 million first mortgage loan for Carter Park Apartments, a similar property only a few minutes away.
Viewmax Apartments is located at 2101 Northwest 55th Avenue, just six miles west of the bustling Fort Lauderdale. The asset, which comprises 88 two-bedroom units, is currently 90 percent occupied.
Lauderhill is home to Nova Southeastern University, a private, non-profit university with over 20,000 students enrolled and offering professional degrees in business and a wide range of medical disciplines; and the Broward Health Medical Center, which is one of top 10 largest health systems in the United States.
The city’s various Fortune 500 companies and its booming yacht manufacturing and maintenance industry make this a promising investment for UC Funds. We look forward to seeing Viewmax Apartments’ renovations come to life in the coming months and hope to continue working with the Sponsor on future projects in the Greater Fort Lauderdale rental market.