BOSTON--(BUSINESS WIRE)--UC Funding is pleased to announce the funding of a $4,800,000 bridge loan to be secured by a first mortgage in the area of South Florida, formerly known as the Seaspray Inn, a 50-key hotel constructed in 1966. The hotel is situated in an irreplaceable beachfront location in Palm Beach Shores, Florida. UC Funding loan was used to acquire the property and to renovate it.
The Property currently is an independent hotel situated on 0.65 acres of beachfront land in Palm Beach Shores and contains 40 covered parking spaces in an attached garage and has access to 15 open spots in an adjacent lot. The Property is afforded beachfront access. The Property is located in Palm Beach Shores, which is situated on the southern tip of Singer Island, an island that sits directly off the shores of Palm Beach and Riviera Beach in Palm Beach County. Palm Beach County has one of the most lucrative tourism industries in the United States, with over five million annual visitors contributing $5 billion to the local economy. The Property’s beachfront location serves as a tremendous boon to its appeal as a vacation destination for would-be travelers. The Property’s beachside neighbors include the Ritz Carlton Residences, the new Marriott Ocean Pointe and high-end condos.
“The property is tremendously underutilized and should benefit from a comprehensive capital program and refinancing. We look forward to seeing the finished product,” Ricardo Alburez, Chief Credit Officer UC Funding.
UC Funding is a national balance sheet provider of capital solutions, involving both debt and equity that has closed in excess of $600 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).