Published Nov. 1, 2012
UC Funding LLC closed a $10 million first mortgage loan on a Class “A” 124-unit independent living facility in Lexington.
The loan allowed the undisclosed buyer to take advantage of a discounted loan payoff from the existing lender. It will also provide funds to implement a capital expenditure program to improve facility amenities and to start an aggressive marketing program, according to a news release.
The borrowing group turned to UC Funding as they had only three weeks to close the deal and to take advantage of the discount being offered by the lender.
“Most of our competitors would not venture into a tertiary market, but we were able to quickly and efficiently understand the vision of our new partner and closed the deal,” said Dan Palmier, president of Boston-based UC Funding.
UC Funding, a national balance sheet lender and equity provider, has closed in excess of $500 million in real estate loans over the last 18 months and looks to hit the $1 billion mark by the middle of 2013.
The company provides financial solutions throughout the entire capital stack, including joint venture equity.