NASHVILLE, TN—UC Funds of Boston reports it has funded a $16-million bridge loan for the refinance and renovation of the L&C Tower in downtown Nashville.
UC officials say the majority of the capital will be used to retire existing debt, with the remainder applied to common area renovations and tenant improvement and leasing commissions to lease-up the property. By refinancing the current debt, the borrower is better positioned to unlock the property's potential, they say.
The L&C Tower complex consists of a 31-story office building and an adjoining nine-story annex building. The Tower was built in 1957 as the headquarters for Life & Casualty Insurance Co. The annex was built in 1925 as the original headquarters for Life & Casualty.
Jeffery Weingart, senior vice president with UC Funds, says of the refinancing deal, "With our track record, expertise and reputation, UC Funds was introduced to the sponsors who needed to retire a maturing CMBS loan in three weeks. Nothing speaks better to our company than satisfied clients. The L&C Tower transaction represents another successful closing for UC Funds."
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