BOSTON--()--UC Funding LLC closed a $10 million first mortgage loan on a Class “A” 124-unit independent living facility in Lexington, South Carolina. The balance sheet loan allowed the buyer to take advantage of a discounted loan payoff from the existing lender and provide funds for the sponsorship to implement a capital expenditure program to improve the amenity package at the complex and embark on an aggressive marketing program to stabilize the asset.
“Most of our competitors would not venture into a tertiary market, but we were able to quickly and efficiently understand the vision of our new partner and closed the deal”
The borrowing group turned to UC Funding as they had only 3 weeks to close to take advantage of the discount being offered by the lender and needed surety of execution. “Most of our competitors would not venture into a tertiary market, but we were able to quickly and efficiently understand the vision of our new partner and closed the deal,” said Dan Palmier, President of UC Funding.
UC Funding is a national balance sheet lender and equity provider that has closed in excess of $500 million in real estate loans over the last 18 months and looks to hit the 1 billion dollar mark by the middle of 2013. For more information about UC Funding’s commercial real estate platform, please visit (www.ucfunds.com).
UC Funding’s core belief is that real estate ownership and real estate financing should work together as a partnership. By working together, UC Funding shares each and every client’s vision of creating innovative financial solutions.
UC Funding provides financial solutions throughout the entire capital stack, including joint venture equity. UC Funding is one of the nation’s most entrepreneurial lending institutions focused on Multi Family, Retail, Office, Hotel and Industrial/Warehouse assets nationwide. For more about the UC Funding’s commercial real estate platform, visit (www.ucfunds.com).