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Posted: April 11, 2011
UC Funding arranges $16.25 million bridge loan on 520-unit Florida property
UC Funding recently closed a $16.25 million bridge loan in connection with the acquisition of the Seabreeze Harbor Apartments, a 520-unit multifamily property located between West Palm Beach and North Palm Beach. The transaction was underwritten and closed in under 21 days.
The property has a substantial renovation component in order to bring apartment units online and refurbish others. Dan Palmier, president & CEO of UC Funding, said, "The borrower came to us because they knew that we are entrepreneurial, aggressive, and would close this loan and do it quickly."
The sponsors, Prospect Northlake LP, is a real estate investment and development firm based in Longwood, Fla. that currently owns approximately 1,650 multifamily units throughout the state. They identified the Seabreeze Harbor Apartments as a strategic addition to their portfolio of value-add, multifamily assets in southern Florida.
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