BOSTON--(BUSINESS WIRE)--UC Funding LLC is pleased to announce the closing of a $18.3 million bridge loan for the acquisition and conversion of the historic former Federal Reserve Building located in the heart of downtown Baltimore, MD. The loan was made to convert the iconic, 1928, ten-story vacant building, into a Class A, luxury multifamily property containing 104 units.
The borrower has over 70 years of experience in construction and project management. “Our borrower came to us, because they heard that we are an aggressive, relationship driven, capital provider that understands all facets of real estate lending,” said Dan Palmier, President & CEO. UC Funding provided 90% of the cap stack and will oversee the conversion of the project.
UC Funding is a national balance sheet provider of capital solutions, involving both debt and equity, that has closed in excess of $500 million in real estate investments over the last 18 months. UC Funding looks to hit the $1 billion dollar mark in 2013. For more information about UC Funding’s commercial real estate platform, please visit (www.ucfunds.com).
UC Funding’s core belief is that real estate ownership and real estate financing should work together as a partnership. By working together, UC Funding shares each and every client’s vision of creating innovative financial solutions.
UC Funding provides financial solutions throughout the entire capital stack, including joint venture equity. UC Funding is one of the nation’s most entrepreneurial lending institutions focused on Multi Family, Retail, Office, Hotel and Industrial/Warehouse assets nationwide. For more about the UC Funding’s commercial real estate platform, visit (www.ucfunds.com).