UC Funds nears $220 million in annual closing volume with this acquisition and renovation of a Texas hotel
Houston, TX – October 23, 2018 – UC Funds, a vertically-integrated commercial real estate specialty finance firm, announces the closing of a $5 million first mortgage loan for the acquisition and rebranding of Park Inn by Radisson, a 220-key, full-service hotel located at 500 North Sam Houston Parkway East in Houston, Texas.
UC Funds’ loan will fund conversion of the current asset to a Red Lion along with upgrades to the restaurant, pool and banquet space. Houston’s economic upswing, a result of population growth and job expansion, along with improved management allows for a significant upside to operations. This deal marks the second lucrative closing within two months between UC Funds and the borrower team, following a $14 million transaction for the borrower’s acquisition of the Four Points Sheraton in Little Rock, Arkansas.
“The Red Lion transaction represents UC Funds’ twentieth closing in 2018, bringing our annual closing volume towards $220 million,” said Dan Palmier, President and CEO of UC Funds. “Our strong relationship with the borrower team was key in reaching this milestone. It further illustrates the value of building long-term relationships, and we look forward to partnering on future high-value add transactions.”
The asset is situated 12.5 miles north of the downtown Houston and just 4.5 miles southwest of George Bush Intercontinental Airport (IAH). The significant volume of flight traffic from IAH affords Houston’s hotel market strong demand from leisure, group, and commercial travelers. Upon conversion the borrower team plans to leverage the hotel’s profitable location and Red Lion’s brand recognition to boost occupancy.
Providing over $2 billion of capital solutions to date, UC Funds is known as the “go to” commercial real estate capital provider and the most sophisticated financial ally in the industry. Their team is dedicated to developing and maintaining long-term relationships with borrowers, and the company has earned a strong reputation for providing extensive reliability, standing by borrowers through completion. Those interested in learning more about UC Funds can visit www.UCFunds.com.
About UC Funds
Founded in 2010 by Dan Palmier, UC Funds is a vertically integrated commercial real estate specialty finance firm that originates, structures, underwrites, and asset manages its estate investments. A national balance sheet provider of both debt and equity capital solutions, UC Funds has provided over $2 billion of capital solutions to date. UC Funds offers quick and customized financial solutions throughout the entire capital stack, including joint venture equity. One of the nation’s most entrepreneurial lending institutions, UC Funds focuses on multifamily, retail, office, hotel, industrial/warehouse, adaptive reuse, and construction assets nationwide. The firm has developed strong relationships with past and current borrowers through their renowned customer service, creativity, speed, and reliability. In July 2017 UC Funds announced the launch of their industry leading non-recourse commercial mortgage bridge loan, UC GO. This is the most transformative and competitive commercial mortgage product available in commercial real estate. UC GO is now available at 85 percent loan to value and 0.5 debt service coverage ratio. The variable rate non-recourse product, which starts at LIBOR +275, is available for loans as little as $5 million. To apply for UC GO financing, please contact Domenico Manago, Managing Director of Sales, at 857-288-2811 or email Dmanago@ucfunds.com. For more information on UC Funds, visit www.UCFunds.com or https://danielpalmier.ucfunds.com/.