BOSTON--(BUSINESS WIRE)--UC Funds is pleased to announce the funding of a $13.9 million loan to renovate the historic Chicora Life Center in North Charleston, SC.
The property includes a 10-story, 398,647 former Naval hospital, which will be converted class A office space. The loan proceeds were used to acquire the Property, and fund renovations including new Heating, Ventilation and Air Conditioning (HVAC) system; provide funding for the Tenant buildout inclusive of the space to be occupied by the County of Charleston; and provide funds for the general renovation of the common space.
“UC Funds is excited to partner on the redevelopment of a historic building that had sat abandoned and blighted for far too long,” said Joel Pecoy, Vice President at UC Funds. “The Borrowers presented their vision to us, and we are honored to be a part of this project. We have a strong belief not only in this project, but in the benefit it will provide to the citizens of the Charleston metro region.”
Once completed, the Chicora Life Center will serve as a one-stop social services hub for the community, featuring a variety of social, government, non-profit and care facilities housed under one roof, centrally located in Charleston County.
UC Funds is a national balance sheet provider of both debt and equity capital solutions, that has closed in excess of $1 Billion in real estate investments over the last 36 months. 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 (www.ucfunds.com).