BOSTON--(BUSINESS WIRE)--UC Funds is pleased to announce the funding of a $13.6 million first mortgage bridge loan on a hotel portfolio in Aberdeen, Maryland. The UC Funds loan provides redevelopment capital to renovate an existing 112-key La Quinta Inn into an 85-key La Quinta Inn and 92-key Hampton Inn. Upon completion, the renovated properties will represent the newest product in the market since a 2009 development by the same sponsor.
Renovations include converting the current property into two stand-alone hospitality assets, expanding the existing structure from two to four floors, and completing interior renovations including exercise facilities, pools and lounge and reception areas. The property is located 25 miles northeast of Baltimore, and two miles north of the Aberdeen Proving Ground, a primary testing facility for the U.S. Army and the largest employer in Hampton County.
“UC Funds recognized the exceptional opportunity to reposition this asset for an entrepreneurial borrower in a secondary market. We leveraged our vast experience to understand the unique market and demand drivers, and ultimately close the deal,” commented Jeremy Ross, UC Funds’ Vice President of Underwriting.
UC Funds
UC Funds is a national balance sheet provider of both debt and equity capital solutions, that has closed in excess of $1 billion in real estate investments over the last 48 months. For more information about UC Funds’ commercial real estate platform, please visit (www.ucfunds.com).
UC Funds provides quick financial solutions throughout the entire capital stack, including joint venture equity. UC Funds is one of the nation’s most entrepreneurial lending institutions, focused on Multifamily, Retail, Office, Hotel, Industrial/Warehouse, Adaptive Reuse and Construction assets nationwide. For more about the UC Funds’ commercial real estate platform, visit (www.ucfunds.com).
