UC Funding structures $6.4 million construction loan for 15,763 s/f condominium complex

UC Funding LLC has structured and funded a $6.4 million construction bridge loan on a five-story, 15,763 s/f condominium complex that is currently under construction. Construction is 15% complete, with the foundation and steel structure almost 90% complete. Upon completion, the five-story building will contain 10 condo units that total 11,700 net s/f and 15,763 gross s/f. The unit mix at the property will contain the following; 1 studio condo that totals 537 s/f, 4 one-bedroom condos that average 921 s/f, 2 two-bedroom condos that average 1,254 s/f, 2 three-bedroom condos that average 1,372 s/f, and 1 2,230 s/f four-bedroom condo. Finishes at the property will be class AAA, including Liebherr refrigerators with custom paneling, stainless steel Bosch cooktops, ranges and microwaves, granite countertops in the kitchens, marble tile flooring in the bathrooms and hardwood flooring throughout the building. Community amenities upon completion will include a roof terrace, bike room, package room and virtual doorman. "UC Funding is very bullish in New York City and its boroughs. This transaction demonstrated our expertise in figuring out the intrinsic value of this partially constructed condo development and closing it quickly," said Dan Palmier, UC Funding president and CEO. The loan was arranged by Massey Knakal's Capital Services Division.