PHILADELPHIA-UC Funding has funded a $10.4 million project involving the acquisition and renovation of two older apartment buildings in northwest Philadelphia.
The borrower was identified as a “life-long Philadelphia resident” with over 30 years' experience in commercial real estate, starting in construction and moving on to development 20 years ago. The project sponsor currently holds a $100 million portfolio of 14 apartment buildings and four office/retail properties in and around Philadelphia.
Jeffrey Weingart of UC Funding said the company created a capital solution that allowed their partner in the current project to continue to expand his Philadelphia portfolio.
“We share the client's vision of adding value to these two properties through a capital improvements renovation program and the sponsor's hands-on management approach,” said Weingart. He described UC Funding as “a relationship-driven lender that takes great pride in giving real estate entrepreneurs the capital they need to grow their portfolio.”
Weingart said that his company anticipates “partnering with this experienced client on future transactions." UC Funding handles both debt and equity deals, and has closed in excess of $600 million in real estate investments over the last 18 months. It looks to hit the $1 billion dollar mark by the close of the year, Weingart said.
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