BOSTON--(BUSINESS WIRE)--UC Funds is proud to announce the funding of a $21.6 million bridge acquisition and renovation loan in Manhattan. The UC Funds loan was used to acquire the property in a historic Tribeca neighborhood, and also provide capital to transform the building into four ultra-luxury condo units with high-end amenities.
Average condo size will be 3,672 SF. Each unit will be operated by a home automation system via smartphone technology and will have elevator entrances, custom millwork and cabinetry, Viking appliances, private wine cellars, nine inch white oak flooring, new custom window walls in the back of the building, Carrera marble, and Dornbract, Kraus, and Danze plumbing fixtures. Shared amenities include a private gym, sauna/spa and swimming pool, and a movie theater.
Greg Hayes, UC Funds’ Vice President of Asset Management, commented about the transaction “UC Funds remains very active in the New York City market. This transaction allowed our borrower to capitalize on a strong purchase price and move directly into construction upon closing. Each condo will offer its own unique design theme with superior finishes in the heart of this historic Tribeca neighborhood.” Dan Palmier, UC Funds’ President & CEO, commented “Our borrower was unsure that his traditional bank would be able to close in time. When the borrower called us, we assured him that we would get the deal done. We closed this deal in 14 days.”