UC Funds signs and seals another UC GO deal
The latest UC GO deal is officially wrapped up! Our ever-reliable commercial mortgage loan product recently funded a $15.6 million closing for Shops at Ardmore, a 230,470-square-foot retail center at 1211 North Commerce Street in Ardmore, Oklahoma. We’ve worked diligently since 2017 to build the “transitional light” bridge loan, offering UC GO’s flexible capital to refinance an existing first mortgage and fund tenant improvements for a signed lease with the Department of Veterans Affairs (VA).
Ardmore, the retail center of Oklahoma’s Carter County, pulls thousands of shoppers within a 40 mile radius of Dallas and Oklahoma City. Its position along I-35 is practically equidistant between Dallas and Oklahoma City, making it an important retail hub for residents and visitors of the two major cities.
This closing highlights the persistence and dedication of our team here at UC Funds. We worked collaboratively for nearly a year to create a lucrative deal putting capital towards the attraction of new tenants. The VA’s lease proves hard work does pay off. This addition will bring occupancy upwards of 90 percent and directly increase the property’s net operating income (NOI).
It’s only the beginning for Shops at Ardmore. We expect more good news to result from the UC GO loan and look forward to hearing what happens next.