BOSTON--(BUSINESS WIRE)--UC Funds proudly announces a $24 million capital solution to acquire and convert a 276-key, vacant hotel into a state of the art hospitality resort located near the Oakland, California airport.
The project comprises four vacant buildings ranging from two to six stories. Upon completion, the full-service Ramada Inn will offer guests access to amenities including an outdoor pool, restaurant/bar area, banquet hall and a fitness center.
The property is located adjacent to the Oakland Airport, which was the eighth fastest growing major US airport by total passengers in 2014. The property is also located in close proximity to Interstate 880 and the Coliseum / OAK Airport Bay Area Rapid Transit (BART) stop which provides guests convenient access to transportation options.
Ross Pemmerl, Senior Underwriter said, “UC Funds is excited to team up with this repeat client to unlock the full potential of this previously neglected site. UC Funds is targeting the Oakland market because it is entering a period of sustained growth and development. This project is poised to capitalize on that opportunity.”
UC Funds is a national balance sheet provider of both debt and equity capital solutions. UC Funds has provided over $1 billion dollars of capital solutions in 2015. 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).