UC Funds is proud to announce the funding of a $5.5 million bridge loan for the acquisition and conversion of a commercial office/warehouse building in Libertyville, Illinois. Approximately half of the loan was used for the purchase of the property, and the remainder of the loan will fund renovations and the construction of a 10,000 square foot retail pad.
The 85,000 square foot building will be converted into a 619 unit self-storage facility, boasting 100% climate controlled units with new improvements and a total of 64,200 rentable square feet. The retail pad addition will be set up for 4 tenants, bringing in additional retail business.
The storage facility will be advantageously located. It is highly visible from I-94 and situated in close proximity to the Great Lake Naval Station, the Headquarters of Abbott Laboratories, two office parks, and the Lake Forest Academy, all businesses and locations which traditionally use self-storage spaces.
"The property's location and layout combine for an excellent adaptive reuse into storage," commented Ricardo Alburez, UC Funds' Chief Credit Officer. "We are excited to see our sponsor's vision materialize during the next 18 months."
UC Funds is a national balance sheet provider of creative capital solutions that has closed in excess of $750 million in real estate transactions over the last 18 months and looks to surpass the $1 billion dollar mark in 2014.
UC Funds provides quick, customized financial solutions throughout the entire capital stack. For more about the UC Funds’ commercial real estate platform and how we can help capitalize your commercial real estate investments, visit (www.ucfunds.com).
- Real Estate
Jamie Redmond, 857-288-2802