BOSTON--(EON: Enhanced Online News)--UC Funding is pleased to announce the funding of a $5,500,000 acquisition bridge loan on a 475,000 SF industrial facility located in Waynesboro, GA. The Property is pre-leased to Stone & Webster Construction (“SWC”), a wholly owned subsidiary of Chicago Bridge & Iron, who is serving as the general contractor for the development of two new nuclear reactors at the Vogtle Electric Generating Plant located approximately 20 miles east of the Property. The contract includes project, design, fabrication, and installation of the Vogtle 3 and 4 nuclear containment vessels. The $14 billion Vogtle nuclear project is the first of its kind in the United States since 1978.
“Our sponsor came to us for a 100% loan to cost bridge loan to refinance and provide for tenant build out capital to lease this mammoth property from 20% to 100%”
The Property is comprised of five contiguous light industrial warehouse buildings totaling 475,000 rentable SF. The buildings are single story with 15 to 24 foot ceiling heights situated on a 21 acre parcel. UC Funding provided the sponsor with approximately $1 million in renovation capital after closing, mainly to address the fire protection/sprinkler systems, roof repairs, electrical upgrades and new overhead doors in buildings 1 through 4.
“Our sponsor came to us for a 100% loan to cost bridge loan to refinance and provide for tenant build out capital to lease this mammoth property from 20% to 100%,” said Dan Palmier, President & CEO of 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).