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Posted: January 13, 2012
UC Funding provides $16.8 million of capital for Chicago/Tennessee portfolio
UC Funding closed a $16.8 million investment on a portfolio of properties located in Chicago and Tennessee. The transaction was underwritten and closed in under 30 days. The investment is secured by a variety of different collateral structures including first mortgages, mezzanine positions, and equity. UC Funding's capital solution assisted the borrower in refinancing and acquired ten properties; nine of which are multifamily assets, located in urban and suburban Chicago with 647 units. The tenth asset is a 245-key hotel located in Memphis requires significant capital work. The sponsor has a proven track of acquiring and renovating well-located properties with significant upside potential. UC's loan provides the sponsor with funds to continue its successful program on this new group of assets.
Dan Palmier, CEO of UC said, "This deal represents a majority of what UC does; helping great operators create unique financial solutions to fit the most complicated deals and fund them quickly."
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