UC Funds exceeds $2 billion in total closings with a multifamily transaction in South Carolina’s capital
UC Funds is getting a jump start on the New Year! We’ve reached over $2 billion in total deals closed with a $7.4 million first mortgage loan for the acquisition and renovation of Jamestowne Apartments, a multifamily community located at 4200 Bethel Church Road in Columbia, South Carolina. The property consists of 11 three-story buildings totaling 165 units. It is currently 93 percent occupied with strong in-place cash flow.
Our loan allows the Sponsor to bring six down units back online, renovate an additional 50 units, address deferred maintenance, and enhance overall curb appeal.
The property’s high occupancy rate and the Sponsor’s strong multifamily portfolio of nearly 12,000 units, primarily in the Southeast, combined with our value-add expertise will make this an extremely profitable investment.
Jamestowne Apartments is located in the desirable Forest Acres neighborhood of Columbia and sits just 4.4 miles north of the University of South Carolina’s flagship campus. The asset is also two miles west of the Fort Jackson Army Training Base, the largest and most active Army basic training center in the United States.
We’re pleased to reach another milestone through this successful transaction in South Carolina’s second largest city. We look forward to future closings with the sponsor as we continue our Southeastern expansion.