UCASU Received $400,000 Construction Loan on 1st SHOC Airbnb Property
July 06 2021 - 10:02AM
InvestorsHub NewsWire
UCASU Received $400,000
Construction Loan on 1st SHOC Airbnb Property
ATLANTA, GA
-- July 06, 2021 -- InvestorsHub
NewsWire -- UC Asset LP (OTCQX:
UCASU), an Atlanta-based real estate investment firm,
confirms that it
has received a construction loan of $400,000 on its first
Shared
Home-Office Cluster (SHOC) property, through its
wholly owned subsidiary SHOC Holdings LLC.
This first SHOC
property is
located in the historical
district of downtown Atlanta, directly across the street
from Dr. Martin Luther King Jr.
memorial,
and right
off a major exit of intersecting highways known as the
"Downtown Connector". It was acquired for a total
cost of approximately $750
000 in April, and the deal
was closed on July 01, last Thursday. This property may be
developed into 10 units for short-stay rental under the concept of
SHOC.
SHOC is a disruptive new
concept for real estate investment. UC Asset defines the concept as a
residential property with each bedroom designed as an individual
business lodge equipped with office capabilities. These home-office
spaces can be rented out individually, mostly targeting business
travelers. The company plans to sell those spaces on platforms such
as Airbnb, Vrbo or through corporate
partnerships.
"SHOC combines the merits of home
stays (such as most Airbnb) with conventional business hotels, and
is an improvement to both," boasts Greg Bankston, managing partner of UC
Asset. "SHOC offers business
conveniences that current home stays lack, and provides a lifestyle
charm that current business hotels fail to provide."
Bankston estimates
that, after
renovating the property into about 10
units of
SHOC, it may generate gross revenue
of about
$350,000 per
year in
the short run. The cost of renovation is estimated at $300,000 to
$400,000.
"We
are grateful
to receive a construction loan that will likely cover all of our
construction cost. This may remarkably
improve our ROE(Return
on Equity) on this property. "
Says
Bankston. "The
loan is provided by a local bank who had worked with us on
conventional investments. Approval of this loan, we believe,
shows that the bank has confidence in our new and innovative
investment model SHOC."
The loan
carries an interest of 4.25% per
annum and matures in 12 months. If renovation of the property can
be completed by the maturity date, it is possible that the loan can
be refinanced into a mortgage loan of longer term, collateralized
with the finished SHOC property.
About UC Asset:
UC
Asset LP is a limited partnership formed for the purpose of
investing in real estate with
value-added strategies,
concentrating in metropolitan areas of Atlanta,
GA. For
more information about UC Asset, please visit: www.ucasset.com
Disclaimer:
This News Release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements involve known and unknown
risks, uncertainties and other important factors that could cause
our actual results, performance or achievements, or
industry results, to differ materially from any these statements.
You are cautioned not to place undue reliance on any those
forward-looking statements. Except as otherwise required by the
federal securities laws, we undertake no obligation to publicly
update or revise any forward-looking statements after the date of
this News Release. None of such forward-looking statements should
be regarded as a representation by us or any other person that the
objectives and plans set forth in this News Release will be
achieved or be executed.
For More
Information Contact:
Christal Jordan | Investor
Relations Director, UC Asset LP
cjordan@ucasset.com | 678-499-0297
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