BOSTON--(BUSINESS WIRE)--UC Funds demonstrate their flexibility, creativity and capabilities in the following key transactions for 2015:
In Charleston, South Carolina, Daniel Palmier and his team funded $14 million to purchase and convert a historic 10-story, 398,647 bed former naval hospital, into a to class A office space, and house government offices, health care services, business office and retail space.
Boston, MA – “In early fourth quarter 2015, the UC Funds team closed over $150 million in capital solutions. Additionally, we have over $200 million of deals in the works, so we anticipate a very strong finish for 2015,” - Daniel Palmier, UC Funds President and CEO.
In Kansas City Missouri, Daniel Palmier and the UC Funds team negotiated a $30 million adaptive re-use bridge loan to convert three vacant buildings and a parking garage into a 260-unit, mixed-use project with an additional 26,000 SF of retail and 6,500 SF of office space in downtown Kansas City, Missouri. Upon completion, the 260 Class A units will offer the best in market amenity package, including a swimming pool, business center, fitness center and community room.
In Oakland, California, the UC Funds team financed a $24 million capital solution to acquire and convert a 276-key, vacant hotel into a state of the art Radisson resort near the Oakland, California airport. The project contains four vacant buildings ranging from two to six stories. Upon completion, the full service facility will offer guests an outdoor pool, restaurant/bar area, banquet hall and a fitness center.
In Angleton, Texas, Daniel Palmier and the UC Funds team funded a $5 million bridge loan for the acquisition and renovation of a 7 acre 152-unit apartment community. The sponsor will convert the existing clubhouse into four additional units, bring many down units online, and increase curb appeal with exterior refinishing and landscaping. The property sits approximately 40 miles south of Houston’s CBD.
“We have partnered with many different individuals and companies over the last few decades. Daniel Palmier and UC Funds has always been dependable, flexible and above reproach in our dealings. In a very good sense, they are different, I would call them a sophisticated ally” - Sal Leccese, CEO Lecesse Corp.
In Katy, Texas, UC Funds, under the leadership of Daniel Palmier, negotiated a $45 million first mortgage and mezzanine loan for the acquisition of a newly constructed, 380-unit multifamily property which is currently 30% leased. The sponsor, a repeat client of UC Funds, acquired this Class AAA asset which will include a saltwater pool, sundeck, outdoor kitchen, fitness center, community center and gaming room. Unit interiors will have two and three-bedroom layouts with state of the art high end finishes. The property is in close proximity to Houston, and within the Katy Independent School District, one of the top school districts in Texas.
In Atlanta, Georgia, Daniel Palmier and the team at UC Funds sourced an $11 million equity investment for the acquisition and renovation of two Class A multifamily assets totaling 536 units. The Sponsor, a repeat client of UC Funds, plans to implement a targeted renovation program and capitalize on below market rents. The properties are located in Doraville and Norcross, two of the strongest apartment submarkets in the Atlanta MSA.
“Daniel Palmier and his team are highly skilled professionals that can grasp the complexities of a transaction and execute it in a professional and timely manner. It is that characteristic that distinguishes this company from many, if not all of its peer group.” - Eduard de Guardiola, CEO, Vista Realty Partners, Atlanta, GA.
In San Antonio, Texas, Daniel Palmier of UC Funds provided 100% financing of a $15 million first mortgage bridge loan for the acquisition, renovation and lease up of a Class B multifamily property totaling 226 units. The Sponsor, a repeat client of UC Funds, plans to improve curb appeal and upgrade unit interiors. The property is located in close proximity to multiple major employment generators supplying approximately 230,000 jobs.
In Malta, New York, UC Funds, under Daniel Palmier negotiated a $13 million ground-up construction equity investment to develop a vacant parcel of land into a 292-unit, Class AAA multifamily property spanning 16, two and three-story buildings with high-end layouts, finishes and fixtures. The property will also feature a best-in-market amenity package including a swimming pool, spa, fitness center and juice bar. Malta is a suburb situated 20 miles north of Albany, directly off I-87.
“We are excited to provide capital for the development of another high-end apartment community in a burgeoning market with significant barriers to entry. We teamed up again with our best-in-class partners, and provided the capital necessary to develop quality housing opportunities in an underserved market.” Daniel Palmier-Malta development.
UC Funds is a national balance sheet provider of both debt and equity capital solutions. UC Funds has provided over $1 billion dollars of capital solutions in 2015. 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).
