$7.4 Million Loan Closed For Multifamily Acquisition And Renovation In Columbia
Jan 30, 2019 10:57AM
By Kathleen Maris
UC Funds, a vertically-integrated commercial real estate specialty finance firm, announces the closing of a $7.4 million first mortgage loan for the acquisition and renovation of Jamestowne Apartments. The multifamily community, located at 4200 Bethel Church Road in Columbia, consists of 11 three-story buildings totaling 165 units.
UC Funds’ loan enables the sponsor to bring six down units back online, renovate an additional 50 units, address deferred maintenance, and enhance overall curb appeal. Interior unit upgrades include the addition of wood plank flooring, new countertops and fixtures, new appliance and lighting packages, and refaced cabinets.
“We’ve surpassed $2 billion in total deals closed, resulting in property owners around the country being able to renovate their portfolios and complete their construction projects on time,” said Dan Palmier, founder and CEO of UC Funds. “In this particular deal, the sponsor’s strong multifamily portfolio of nearly 12,000 units, the property’s high occupancy rate, and our value-add expertise guarantees an excellent investment and paves the way for a lucrative ongoing relationship.”
Built in 1970, Jamestowne Apartments is ideally situated on a 17-acre site in the affluent Forest Acres neighborhood of Columbia. Amenities include a swimming pool, leasing office, five laundry rooms, and three interior courtyards. Jamestowne Apartments is currently 93 percent occupied with strong in-place cash flow. The property sits just 4.4 miles north of the University of South Carolina. Additionally, it is two miles west of the Fort Jackson Army Training Base, the largest and most active Army basic training center in the United States.
Providing more than $2 billion of capital solutions to date, UC Funds is known as the “go to” commercial real estate capital provider and the most sophisticated financial ally in the industry. Their team is dedicated to developing and maintaining long-term relationships with borrowers, and the company has earned a strong reputation for providing extensive reliability, standing by borrowers through completion. Those interested in learning more about UC Funds can visit www.UCFunds.com.