Rochester, NY According to UC Funds, the ribbon-cutting ceremony for Normandie Apartments, located at 253 Alexander St. was held with the Greater Rochester Chamber of Commerce and Excelsior Communities to unveil the renovated lobby and units.
In 2018, UC Funds closed the $9.8 million first mortgage loan for the acquisition and renovation of Normandie Apartments, a three-building, 217-unit apartment complex.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,