BOSTON--(BUSINESS WIRE)--UC Funds completed a $24.2 million adaptive reuse bridge loan to convert the historic Salvation Army building into a 183-guest room Distrikt Hotel in the heart of Downtown Pittsburgh, Pennsylvania. The Distrikt Hotel will operate as a full-service boutique hotel including amenities such as a high-end restaurant with room service, bar and lounge, fitness center and rooftop patio. UC Funds is enthusiastic about assisting the expansion of the Distrikt Hotel brand to the Pittsburgh area.
UC Funds was able to close this transaction during a time when banks, CMBS and private lenders are pulling out of the hospitality space.
Jeremy Ross, UC Funds Vice President of Underwriting said, “UC Funds is excited to finance this complex project and expand our footprint in the Pittsburgh, Pennsylvania MSA market.”
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).