News Column

UC Funds Provides $8.7 Million Bridge Loan in Queens, NY

July 16, 2014



BOSTON--(BUSINESS WIRE)-- UC Funds is proud to announce the funding of an $8.7 million acquisition bridge loan for the purchase and renovation of an apartment complex in Queens, New York.

The apartment complex consists of five, four-story buildings†totaling 130 Class B apartments and situated†on 1.87 acres. New boilers, HVAC systems, electrical systems and elevator systems were all installed in 2012-2013 after Hurricane Sandy. It is well located in Far Rockaway, a neighborhood in southern Queens. The apartments are all within walking distance of the Mott Ave A Train stop and the Far Rockaway Train Station, and near St. Johnís Hospital, Inwood Country Club, Lawrence High School and South Island Industries.

ďUnderstanding the intrinsic value of this project, we were able to close the loan in under 21 days from executed term sheet. We continue to be very active in the five boroughs on transactions ranging from affordable housing to luxury condo conversions,Ē commented Frank Dellaglio, SVP of UC Funds Capital Markets.

UC Funds

UC Funds is a national balance sheet provider of both debt and equity capital solutions, that has closed in excess of $700 million in real estate investments over the last 18 months. UC Funds looks to surpass the $1 billion dollar mark in 2014. For more information about UC Fundsí commercial real estate platform, please visit (www.ucfunds.com).

UC Funds provides quick financial solutions throughout the entire capital stack, including joint venture equity. UC Funds is one of the nationís most entrepreneurial lending institutions, focused on Multifamily, Retail, Office, Hotel, Industrial/Warehouse, Adaptive Reuse and Construction assets nationwide. For more about the UC Fundsí commercial real estate platform, visit (www.ucfunds.com).



UC Funds

Jamie Redmond, 857-288-2778

jredmond@ucfunds.com

Source: UC Funds


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Business Wire


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters