UC Funds, a vertically-integrated commercial real estate specialty finance firm, announced today the closing of a $10.8 million first mortgage loan for the conversion and expansion of an existing building located at 75 Main Street in Dobbs Ferry, New York. UC Funds arranged for a 15-month loan with three, three-month extension options.
75 Main Street will be converted into 18 luxury condos with street-level retail. The 18 Class A units will offer unique and appealing amenities with the amazing views and ideal outdoor living space. Ten of the units will feature views that are to the west and southwest of the Hudson River, two with balconies and eight with patios. Construction will be completed in approximately 10 months, with residential pre-sales starting fall of 2017.
Sponsored by Owner and General Contractor Bart Blatt, Founder and President of BRB Construction Services, LLC, and Co-Owner Cinta DelMonaco-Kemp, Founding Partner at AltB Partners, the asset will feature retail space with frontage on both Main and Chestnut Streets in Dobbs Ferry. The 1,527-square-foot Main Street space was recently leased by At Land New York, a Brooklyn-based coffee and retail shop. Dobbs Ferry will be their second location.
“We’re extremely excited to be involved in this project,” said Daniel Palmier, President and CEO of UC Funds. “Bart is a longtime partner and friend who never fails to produce high quality work. His ability to build, combined with Cintra’s keen mind and strong attention to detail makes for a strong team that will get the project completed on budget, and offer the type of high-end asset that we’re envisioning to the market.”
Dobbs Ferry is an affluent village located in the prestigious county of Westchester, New York. There has been a lack of new condo development in the Westchester region recently, making Dobbs Ferry a perfect market to enter. Offering easy access to downtown Manhattan, the area attracts individuals and families looking for a quiet, family-friendly suburb in close proximity to New York City. The asset will be a mere five minutes from the Dobbs Ferry Station. Residents can leave the property and arrive in Manhattan within 35 minutes via Metro-North Railroad’s Hudson Line.
“Dobbs Ferry is a prime location for redevelopment,” said Ross Pemmerl, Senior Underwriter at UC Funds. “Taxes for a condo in the area are lower than for a single-family home. The asset’s competitive pricing and high end units will undoubtedly attract empty nesters looking to downsize, and new families searching for two bedroom condos located just outside the city.”
Providing over $2 billion of capital solutions to date, UC Funds is known as the go-to commercial real estate capital provider and the most sophisticated financial ally in the industry. Their team is dedicated to developing and maintaining long-term relationships with borrowers, and the company has earned a strong reputation for providing extensive reliability, standing by borrowers through completion. Those interested in learning more about UC Funds can visit www.UCFunds.com.
About UC Funds
Founded in 2010 by Dan Palmier, UC Funds is a vertically integrated commercial real estate specialty finance firm that originates, structures, underwrites, and asset manages its estate investments. A national balance sheet provider of both debt and equity capital solutions, UC Funds has provided over $2 billion of capital solutions to date. UC Funds offers quick and customized financial solutions throughout the entire capital stack, including joint venture equity. One of the nation’s most entrepreneurial lending institutions, UC Funds focuses on multifamily, retail, office, hotel, industrial/warehouse, adaptive reuse, and construction assets nationwide. The firm has developed strong relationships with borrowers through their renowned customer service, creativity, speed, and reliability. UC Funds recently launched their industry leading non-recourse commercial mortgage bridge loan UC GO, now available at 85 percent loan to value and 0.5 debt service coverage ratio. The variable rate product is available for loans as little as $5 million. For more information on UC Funds and UC GO, visit www.UCFunds.com or https://DanPalmier.wordpress.com/.