UC Funding has funded a $16.7 million acquisition bridge loan secured by a first mortgage on a 304-unit garden-style Class B apartment community in San Antonio, the last in a series of investments the Boston-based firm expects to bring closer to its portfolio growth goals.
The capital solution was structured to provide the sponsor with 95% of the capital needed to acquire the property, said company president and CEO, Daniel Palmier.
Within 12 months the sponsor plans to complete a $2.2 million renovation project that includes interior and exterior renovations of amenities such as residential units, swimming pools, laundry facilities and leasing office space.
UC Funding’s
UC Funding is a national debt and equity investor in multifamily, retail, office, hotel and industrial/warehouse assets that has invested more than $600 million in real estate projects in the last 18 months and expects to hit the $1 billion mark by the end of the year.
The real estate is located in the northern portion of San Antonio, approximately 10 miles from the central business district, that “has been consistently growing” with its population increasing to more than 1.3 million in 2010, the executive said.
The repeat borrower has been aggressively investing in the San Antonio MSA over the past few years thanks to UC Funding financing, which consists of “secured fixed-rate permanent financing at stabilization” on the acquisition and value-add renovations of “underperforming Class B/C multifamily properties.”
