UC Funding Closes $6.7 Million Bridge Loan in Panama City, FL

BOSTON--(BUSINESS WIRE)--UC Funding LLC is pleased to announce the closing of a $6.7 million bridge loan to recapitalize and complete the restoration of a 147 resort hotel property in Panama City Beach, FL. The Borrower purchased a shuttered, antiquated hotel, with significant intrinsic value, having 3 acres of prime beach frontage. The Borrower has over 35 years of real estate experience and will utilize the loan to complete $1.8 million in upgrades; to the rooms, common areas and amenities at the property.

“The asset has a great location and bones, but was in desperate need of an owner with a vision and the capital to implement their business plan.”

Dan Palmier, President & CEO of UC Funding, said, “The asset has a great location and bones, but was in desperate need of an owner with a vision and the capital to implement their business plan.” UC Funding understood the Borrower’s vision and provided the capital (in 3 weeks) to commence the transformation of the dilapidated hotel into a Class “A” beach front resort.

Please Note: UC Funding will be attending the MBA CREF/Multifamily Housing Convention & Expo from February 3rd to 6th in San Diego, California. If you would like to meet with us, please email Frank Dellaglio ([e-mail]) to schedule a time.

UC Funding is a national balance sheet provider of capital solutions, involving both debt and equity that has closed in excess of $500 million in real estate investments over the last 18 months. UC Funding looks to hit the $1 billion dollar mark in 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).