UC Funding Finances Loan to Acquire Distressed Property
UC Funding recently structured and funded a $14.7 million bridge loan to WP Carlisle Associates LP.
This funding helps the Boston-based company acquire a $25 million distressed loan in relation to the Carlisle Crossing shopping center in Pennsylvania.
The sponsor for the loan, Philadelphia-based WP Realty Inc., manages 7.2 million square feet of retail properties in the Northeast and Mid-Atlantic.
“The sponsor is a very experienced operator that we have successfully done business with before,” said Dan Palmier, president and CEO of UC Funding. “In financing this note acquisition we demonstrated our creativity, execution quickness, and most importantly that we are a reliable source of entrepreneurial capital.”
Carlisle Crossing is a 368,513-square-foot shopping center that is part of the Harrisburg-York-Lancaster metropolitan statistical area.
This MSA includes four counties with a population of about 670,000. UC Funding said the MSA is considered the residential, economic and political core in the central part of the state.
The real estate financial firm has closed $150 million in transactions over the last three months.