BOSTON--(BUSINESS WIRE)--UC Funds is pleased to announce the funding of a $9.23 million acquisition bridge loan in Kansas City, Missouri on a 21-story tower currently undergoing renovation.
The building will have an attached four-story annex building and an eight-story parking garage and two surface parking lots with a total of 528 spaces. The sponsor will develop the property in two phases; the first phase will construct a 301-key flag hotel, and the second phase will develop a smaller boutique hotel and basement data center. The original building was built in 1921 and is on the National Register of Historic Places. The property is a prime location, within walking distance of the Sprint Center, Power and Light District, Kansas City Convention Center, and the Kauffman Center for Performing Arts.
Jeremy Ross, UC Funds’ Vice President of Underwriting, said “We saw the potential value in a new borrower’s vision and provided acquisition capital to close the deal. We look forward to developing our relationship with our new borrower.”
UC Funds is a national balance sheet provider of both debt and equity capital solutions, that has closed in excess of $700 million in real estate investments over the last 18 months. UC Funds looks to surpass the $1 billion dollar mark in 2014. 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 (http://www.ucfunds.com/).