UC Funds structures $13 million equity investment; to develop 292-unit, class AAA multifamily property

Malta, NY UC Funds structured the funding of a $13 million ground-up construction equity investment. The investment will be used to develop a vacant parcel of land into a 292-unit, class AAA multifamily property spanning 16, two and three-story buildings. Upon completion, the 292 class AAA units will provide residents with high-end unit layouts including granite countertops, crown moldings and luxurious fixtures. The property will also feature a best-in-market amenity package including a swimming pool, spa, fitness center and juice bar. The property is situated in a suburb 20 miles north of Albany. Located off I-87, the property benefits from its proximity to major transportation, large demand drivers and strong area demographics. Additionally, the property is adjacent to a planned 1,414 acre nanotechnology hub which is home to Global Foundries, a leading microchip manufacturer that employs 3,600 in the area. Daniel Palmier, UC Funds president and CEO said, “We are excited to provide capital for the development of another high-end apartment community in a burgeoning market with significant barriers to entry. We teamed up again with our best-in-class partners, and provided the capital necessary to develop quality housing opportunities in an underserved market.”