{"id":1004129015,"date":"2015-10-09T07:30:16","date_gmt":"2015-10-09T15:30:16","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004129015"},"modified":"2020-05-18T09:34:53","modified_gmt":"2020-05-18T17:34:53","slug":"uc-funds-backs-n-charleston-makeover","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/uc-funds-backs-n-charleston-makeover\/","title":{"rendered":"UC Funds Backs N. Charleston Makeover"},"content":{"rendered":"<p><em>By Barbra Murray, Contributing Editor<\/em><\/p>\n<p><a href=\"https:\/\/urldefense.proofpoint.com\/v2\/url?u=http-3A__www.ucfunds.com_&amp;d=AwMFaQ&amp;c=011sAuWmEGuAVOWaydfJsXUtF8vM85JvnaIeBF_SZL4&amp;r=oBQAoYcIfLodX017-ow8L6Nm8IN_D_8ZCn4lY4ev_r0&amp;m=qbA4QkaexQkBPeeQOlkRs1DRff7vrpbCuDl7DmmWjzo&amp;s=35quI7r5_dphS_UR1li4hiW3qTfDEGiOl1Too-YolaQ&amp;e=\" rel=\"nofollow\">UC Funds<\/a> is giving a helping hand in the transformation of an historic former naval hospital into Chicora Life Center, a Class A office building in North Charleston, S.C. The national balance-sheet lender has come through for Chicora Gardens Holdings L.L.C., owner of the 398,647-square-foot building, funding a $13.9 million loan for the long-abandoned property\u2019s renovation.<\/p>\n<div id=\"attachment_1004129021\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/Chicora-Life-Center-North-Charleston-SC.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004129021\" data-attachment-id=\"1004129021\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/uc-funds-backs-n-charleston-makeover\/chicora-life-center-north-charleston-sc\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/Chicora-Life-Center-North-Charleston-SC.jpg\" data-orig-size=\"500,276\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Chicora Life Center, North Charleston, SC\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Chicora Life Center, North Charleston, S.C.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/Chicora-Life-Center-North-Charleston-SC.jpg?w=500\" class=\"size-medium wp-image-1004129021\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/Chicora-Life-Center-North-Charleston-SC.jpg\" alt=\"Chicora Life Center, North Charleston, S.C.\" width=\"300\" height=\"166\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/Chicora-Life-Center-North-Charleston-SC.jpg 500w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/Chicora-Life-Center-North-Charleston-SC.jpg?resize=300,166 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004129021\" class=\"wp-caption-text\">Chicora Life Center, North Charleston, S.C.<\/p><\/div>\n<p>A 10-story tower located at 3600 Rivers Ave., Chicora Life Center will unite a host of community services providers&#8211;from government social services agencies to private healthcare organization&#8211;at one address. \u201cThe project brought a development team with vision together with a lending institution that could recognize the asset value upon completion,\u201d UC Funds\u2019 Joel K. Pecoy, vice president, asset management, told CPE.<\/p>\n<p>A portion of the financing will be utilized for tenant build-out for the county of Charleston which, having signed a 25-year lease in 2014, will consolidate various social services and medical divisions at the facility. Loan proceeds will also be applied to upgrades, including that of the HVAC system, as well as the renovation of common spaces. Ultimately, Chicora Life Center will also feature meeting space, retail tenants and public space.<\/p>\n<p>\u201cLocal government support of the project will result in a rebirth for this area,\u201d Pecoy said. \u201cOnce completed, others will look at this development as a landmark example of a successful public-private partnership that will provide a model for community revitalization across America.\u201d<\/p>\n<p>UC Funds has been involved with the Chicora adaptive reuse project for more than a year. In September 2014, the firm closed a $10.9 million lease-up bridge loan for the property owner.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>An historic naval hospital will get new life as office space for community service providers. <\/p>\n","protected":false},"author":969,"featured_media":1004129021,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21742],"tags":[],"class_list":["post-1004129015","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>UC Funds Backs N. 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