UC Funding closes two bridge loans totaling $18.5 million

UC Funding LLC has closed a $12.1 million bridge loan for the acquisition of a 256-unit, class B multifamily property. The loan was made to purchase and update the units and amenities on the property. Dan Palmier, president and CEO of UC Funding, said, "This repeat borrower came to us because they knew that we are entrepreneurial, aggressive, and a reliable source of capital. We provided over 95% of the acquisition costs of the deal and closed in 13 days. This is the fourth transaction with this visionary sponsor in the last 12 months. The borrower has a relevant and successful track record in value-add investing in the multifamily housing market, and are adequately incentivized to perform through their IRR-driven promote structure." The firm also closed a $6.4 million bridge loan for the acquisition and renovation of a 247-bed student-housing property. The property is located in Tucson, Ariz., a half mile from the University of Arizona campus. The loan provided for over $1.2 million in unit upgrades and amenities at the property. Palmier said, " This repeat borrower came to us because they knew that we would close the deal on time and on terms agreed. The borrowers have a relevant and successful track record in the value-add sector of the student housing market. This is UC Funding's fifth transaction in the last 18 months with this borrower." 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 mark in 2013.