UC Funds Provides A $20.5 Million Adaptive Reuse Loan in Logan, UT
19 December 2014 - 6:56AM
Business Wire
UC Funds is proud to announce the funding of a $20.5 million
adaptive reuse / heavy rehabilitation loan in Logan, Utah. The UC
Funds loan will be used to restart construction on a ground-up
student housing project near Utah State University. Upon
completion, the property will offer the best in-unit finishes and
amenity package in the market.
The completed project will be an 80-unit, 480-bed student
housing community contained in two buildings, connected by a sky
bridge and covered garage. Units will be complete with washers and
dryers and granite countertops. Students will have access to an
on-site movie theater, bowling alley, yoga studio, year-round hot
tub, and a 320 space parking garage. The property is within two
blocks of Utah State University’s campus and located 70 miles north
of Salt Lake City.
“We are excited to team up with a new local partner on an
exclusive opportunity at Utah State University. UC Funds provided
construction rescue capital to restart the development on an
exceptional student housing community,” commented Jeff
Weingart, UC Funds’ Senior Vice President.
Jeremy Ross, UC Funds’ Vice President of Underwriting, added
“UC Funds worked hand-in-hand with the developer to successfully
re-capitalize the stalled project and ensure its completion. Once
finished, the development will embody Class A qualities for the
University’s students. It is situated in close proximity to campus
and will boast collaborative community feel with great
amenities.”
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 48 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).
for UC FundsJamie Redmond, 857-288-2802jredmond@ucfunds.com