UC Funds is pleased to announce a $7 million acquisition bridge loan in Coral Gables, FL. The property consists of 21 retail/office condo units totaling 40,522 rentable SF; 13 retail units totaling 24,568 SF and eight office units totaling 15,954 SF. Construction on the property began in 2008, but was incomplete due to the distressed market and lack of debt and equity resources. The property is currently 19% occupied. UC Funds’ partner’s business plan is to lease-up the retail and office space in the initial nine months. UC will provide the necessary capital for tenant improvements and leasing commissions.
The property is located on Ponce de Leon Boulevard in Coral Gables, in close proximity to numerous office and retail demand generators including Miracle Mile, Villages at Merrick Park, Coral Gables Hospital and University of Miami.
“Our sponsor came to us for a fast, reliable capital solution to purchase this property from an auctioneer. We pre-committed to the bidding process and closed the deal in less than 21 days,” said Dan Palmier, President & CEO of UC Funds.
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