UC Funds says it has funded a $20 million first mortgage for a 60-unit ground up multifamily development in the Washington DC /Baltimore Market. The project includes 19,000 sq. ft. of retail space.
“This transaction highlights UC Funds’ certainty of execution and entrepreneurial approach to capital solutions,” the private commercial real estate lender says in a Feb. 3 statement.
“This loan demonstrates our commitment to being an aggressive financial ally even during the most uncertain economies,” said UC Funds founder and CEO David Palmer. “We have literally provided billions in the mid Atlantic over the years. We underwrote the sponsor’s vision for this niche rental market with growing demand.”
