BOSTON--(BUSINESS WIRE)--UC Funds is proud to announce the funding of a $20.5 million adaptive reuse / heavy rehabilitation loan in Logan, Utah. The UC Funds loan will be used to restart construction on a ground-up student housing project near Utah State University. Upon completion, the property will offer the best in-unit finishes and amenity package in the market.
The completed project will be an 80-unit, 480-bed student housing community contained in two buildings, connected by a sky bridge and covered garage. Units will be complete with washers and dryers and granite countertops. Students will have access to an on-site movie theater, bowling alley, yoga studio, year-round hot tub, and a 320 space parking garage. The property is within two blocks of Utah State University’s campus and located 70 miles north of Salt Lake City.
“We are excited to team up with a new local partner on an exclusive opportunity at Utah State University. UC Funds provided construction rescue capital to restart the development on an exceptional student housing community,” commented Jeff Weingart, UC Funds’ Senior Vice President.
Jeremy Ross, UC Funds’ Vice President of Underwriting, added “UC Funds worked hand-in-hand with the developer to successfully re-capitalize the stalled project and ensure its completion. Once finished, the development will embody Class A qualities for the University’s students. It is situated in close proximity to campus and will boast collaborative community feel with great amenities.”
UC Funds is a national balance sheet provider of both debt and equity capital solutions, that has closed in excess of $1 billion in real estate investments over the last 48 months. For more information about UC Funds’ 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 nation’s most entrepreneurial lending institutions, focused on Multifamily, Retail, Office, Hotel, Industrial/Warehouse, Adaptive Reuse and Construction assets nationwide. For more about the UC Funds’ commercial real estate platform, visit (www.ucfunds.com).
