In the dark days, we saw waves of condo deals fail and convert into multifamily. Now just the opposite is happening in select submarkets in major cities, according to UC Funding CEO Dan Palmier.

UC Funding has condo deals under way in NYC, South Florida, and Atlanta. Dan highlighted two for us. A $14M deal will close next week on a conversion from multifamily to condo on 86thStreet, Manhattan. Dan tells us the sponsor plans to renovate the structure to Class-A and add three floors. Some challenges: The building is a historic landmark (so any changes require permission), and 14 multifamily units must be vacated before renovations can begin.

UC Funding also has a ground-up condo construction deal under way by Manhattan's High Line. $15M will go toward land acquisition and construction of a nine-story structure with eight units and ground-floor retail. Dan says an impressive increase in sales prices are driving activity in condos; product that was $1,500/SF three years ago is now $2,500/SF. UC Funding is starting a new $1B fund to provide bridge loans starting at 5%;some areas on its radar areTexas,the Florida Panhandle (last month it did two multifamily deals and one hotel there), and Stamford, Conn. (where it did four dealsincluding two multifamilylast month).