UC Funds announces $13.9 million loan for Chicora Life Center project
October 7, 2015
It's been a busy day for the Chicora Life Center project.
Earlier today, Bennett Hoffman Construction announced that it had completed the first phase of heating and air conditioning work at the former Navy Hospital in North Charleston.
Tonight, Boston, MA-based UC Funds announced that it is funding a $13.9 million loan for the project.
“UC Funds is excited to partner on the redevelopment of a historic building that had sat abandoned and blighted for far too long,” said Joel Pecoy, Vice President at UC Funds. “The Borrowers presented their vision to us, and we are honored to be a part of this project. We have a strong belief not only in this project, but in the benefit it will provide to the citizens of the Charleston metro region.”
Once completed, the Chicora Life Center will serve as a one-stop social services hub for the community, featuring a variety of social, government, non-profit and care facilities housed under one roof, centrally located in Charleston County.
According to UC Funds, the loan proceeds were used to acquire the Property, and fund renovations including new Heating, Ventilation and Air Conditioning (HVAC) system; provide funding for the Tenant buildout inclusive of the space to be occupied by the County of Charleston; and provide funds for the general renovation of the common space.