BOSTON--(EON: Enhanced Online News)--UC Funding is pleased to announce the funding of a $6,460,000 acquisition renovation bridge loan for the acquisition of a 60,000 SF, six-story mixed-use building. The Property is irreplaceably located in the Cultural District in the heart of downtown Pittsburgh which has undergone a renaissance through tremendous private investment over the last several years. The Sponsor plans on converting the Property into 40 Class A apartment units through extensive renovation program.
“Adaptive reuse properties and investment is one of our main lines of business. 121 7th Street has a great location and untapped potential. We are excited to participate in this attraction”
The Property was built in 1900 and is a six-story building totaling 60,473 gross SF situated on a 0.21 acre parcel. The 7,290 SF of ground floor retail is occupied by a restaurant that has occupied the building since 2001. The Sponsor plans to gut renovate floors two through six, which are currently vacant, and convert them to 40 Class A apartment units. The Property is located in the Golden Triangle Zoning District and is fully zoned for conversion to residential apartment units. In-unit finishes will include stainless steel appliances, granite or quartz countertops and kitchen islands, solid maple cabinets, hardwood or engineered wood flooring, side-by-side washers and dryers, marble bathroom vanities and tiled flooring. Construction is expected to begin shortly after Closing and will take approximately 12 months to complete, with lease up projected over the following four months.
“Adaptive reuse properties and investment is one of our main lines of business. 121 7th Street has a great location and untapped potential. We are excited to participate in this attraction,” Ricardo Alburez, Chief Credit Officer UC Funding.
UC Funding is a national balance sheet provider of capital solutions, involving both debt and equity that has closed in excess of $600 million in real estate investments over the last 18 months. UC Funding looks to hit the $1 billion dollar mark in 2013. For more information about UC Funding’s commercial real estate platform, please visit (www.ucfunds.com).
UC Funding’s core belief is that real estate ownership and real estate financing should work together as a partnership. By working together, UC Funding shares each and every client’s vision of creating innovative financial solutions.
UC Funding provides financial solutions throughout the entire capital stack, including joint venture equity. UC Funding is one of the nation’s most entrepreneurial lending institutions focused on Multi Family, Retail, Office, Hotel and Industrial/Warehouse assets nationwide. For more about the UC Funding’s commercial real estate platform, visit (www.ucfunds.com).