BOSTON, Feb 14, 2011 (BUSINESS WIRE) — UC Funding recently closed a $4 million bridge loan on the 280 unit multifamily apartment community in Marietta, GA. The transaction was underwritten and closed in under 18 days.
Ricardo Alburez, UC Funding’s Chief Credit Officer said, “We understand the market and its challenges, however we were able to appropriately structure a deal to create good relative value.” The borrower, Princeton Enterprises, is a full service real estate investment and management firm specializing in the repositioning of undervalued or poorly performing multifamily assets. Princeton Enterprises currently operates more than 65 properties totaling over 12,000 apartments throughout the mid-west, southeast, and Texas.
“We are very excited about the Sedgefield acquisition.” Matt Lester, Founder and Chief Executive Officer of Princeton Enterprises, commented, “It is a very well built and well conceived apartment asset that struggled because of an unsustainable amount of debt and its tax credit status. Sedgefield is located in a very dynamic area of metropolitan Atlanta – Cobb County is northwest of downtown and the Marietta / Smyrna areas continue to grow at a healthy pace. We were able to negotiate a favorable price due to our expedited but diligent review of the asset and our ability to close quickly with the cooperation of our lender, UC Funding.” UC Funding offers clients a full-service structured finance platform with offices in Boston, New York and Miami. UC Funding has closed $99.7 million in transactions in the last 60 days.
SOURCE: UC Funding CONTACT: UC Funding LLC Jamie Redmond, 857-288-2778 firstname.lastname@example.org Copyright Business Wire 2011 URL: http://www.cnbc.com/id/41586872/