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HomeProjects and opportunitiesFinancing arranged for 60-unit multifamily project

Financing arranged for 60-unit multifamily project

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.”

Mark Buckshon
Mark Buckshonhttps://washingtonconstructionnews.com
Mark Buckshon is the publisher and interim editor of Washington Construction News. He is also president of the Construction News and Report Group of Companies. He combines a journalism and business background, and has published construction trade publications for more than 30 years, after an earlier career in journalism, which culminated when he lived through the transition from Rhodesia to Zimbabwe in 1978-80 as a sub-editor for the Bulawayo Chronicle and a correspondent for a Canadian news service.

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