BOSTON--(BUSINESS WIRE)--UC Funds is proud to announce the funding of a $30 million adaptive re-use bridge loan to fund the conversion of three vacant buildings and a parking garage into a 260-unit, mixed-use project with an additional 26,000 SF of retail and 6,500 SF of office space in downtown Kansas City, Missouri.
The project comprises three vacant buildings and a parking garage ranging from four to 11 stories. Upon completion, the 260 Class A units will offer a best in market amenity package including a swimming pool, business center, fitness center and community room.
The property is located in downtown Kansas City, which has undergone major revitalization over the last decade through $6B in public and private capital investment. The property is also in close proximity to large employment drivers and will provide desirable downtown housing for the growing city population.
Daniel Palmier, UC Funds President and CEO said, “UC Funds is excited to finance our third transaction in Kansas City with a heavy adaptive re-use component. This transaction featured a complex tax incentive structure which provided our partners with a fast, flexible and reliable capital solution.”
UC Funds is a national balance sheet provider of both debt and equity capital solutions. UC Funds has provided over $1 billion dollars in capital solutions in 2015. 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).