Capital solutions provider UC Funding structured the funding of a bridge loan to real estate developers in Norfolk, Virginia worth USD 9.94 million. The funds will be used for renovations and conversion of The James Madison building and Franklin apartments. From being an office, the James Madison building will become a multifamily apartment building with 77 units. The finished unit will have hardwood floors and granite countertops. It will also be furnished with appliances and have slated/stone-tiled bathrooms. There will be 19 rental units in Franklin apartments that will featuring elevators, an open air courtyard, and Viking appliances, among others.
The recipient of UC Funding's loan has done more than USD 100 million worth of renovations and/or developments in the Norfolk, Virginia market. UC Funding, meanwhile, has invested more than USD 600 million in real estate for the past 18 months. It intends to reach the USD 1 billion mark this year.
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