UC Funds has closed on a $20 million luxury multifamily redevelopment RiZe at Opus Park in Minnetonka, Minnesota. UK Funds partnered with LeCesse Development Corp and Morgan Management on the joint venture.
MINNETONKA, Minn.–(BUSINESS WIRE)–UC Funds, a vertically-integrated commercial real estate specialty finance firm, announced today the recent closing of a $20 million joint venture equity investment for the ground up construction of RiZe at Opus Park, in Minnetonka, Minnesota. The total capitalization is approximately $73 million. Sponsored by LeCesse Development Corp. and Morgan Management, RiZe will be converted into a 322 unit, luxury class multifamily building with premier amenity and unit packages, a main clubhouse, and a two-story parking garage. The property, currently an office park, is now undergoing demolition with the first phase of leasing expected to begin in 15 to 18 months. Two additional phases will follow, and the project will likely reach completion within 21 to 24 months. This closing marks UC Funds’ third transaction with LeCesse Development Corp. and Morgan Management and its first joint project to take place in Minneapolis.
“Sal LeCesse and Bob Morgan are two of the best in the business,” said Daniel Palmier, President and CEO of UC Funds. “They each possess an entrepreneurial spirit that perfectly matches UC Funds’ goal to identify and act on profitable opportunities. Minnetonka is a thriving suburb of Minneapolis-St. Paul. Bob and Sal are able to easily recognize the importance of redeveloping in regions like this.”
Minneapolis-St. Paul (MSP) is one of the most dynamic hubs for business, technology, and education in the United States. With steady population growth over the past 10 years, the area’s Metro market has historically been one of the strongest multifamily markets in the country. RiZe is located within the Opus Business Park, approximately nine miles southwest of downtown Minneapolis. The redevelopment is taking place in one of MSP’s most affluent suburbs with desirable school systems, low crime rates, and ample employment opportunities. Additionally, an extension of MSP’s rail system has recently been approved by the Southwest LRT Management Committee and will include a stop at Opus Park, a short five minute walk from RiZe. Residents will now have easier access to downtown MSP, adding even more value to the asset.
“The clear potential of RiZe at Opus Park exemplifies Sal and Bob’s incredible business acumen and depth of experience,” continued Palmier. “With the combined experience and expertise brought by each of our teams, we expect RiZe to achieve the same level of success we’ve had with these sponsors in the past.”
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 past and current borrowers through their renowned customer service, creativity, speed, and reliability. In July 2017 UC Funds announced the launch of their industry leading non-recourse commercial mortgage bridge loan, UC GO. This is the most transformative and competitive commercial mortgage product available in commercial real estate. UC GO is now available at 85 percent loan to value and 0.5 debt service coverage ratio. The variable rate non-recourse product, which starts at LIBOR +350, is available for loans as little as $5 million. To apply for UC GO financing, please contact Domenico Manago, Managing Director of Sales, at 857-288-2811 or email Dmanago@ucfunds.com. For more information on UC Funds, visit www.UCFunds.com or https://DanPalmier.wordpress.com/.