UC Funds closes 20th deal of 2018 with $5 million loan for a Houston hotel rebranding
UC Funds kicked off October with another successful hospitality transaction! We reached our 20th closing this year with a $5 million first mortgage loan for the acquisition and renovation of Park Inn by Radisson, a 220-key, full-service hotel located at 500 North Sam Houston Parkway East in Houston, Texas.
Our loan will fund the conversion of the current asset to a Red Lion and amenity upgrades shortly after closing. Houston’s strong economy, currently experiencing an upswing from population growth and job expansion offers a significant upside to operations.
The Red Lion deal is our second successful closing with the borrower team this Fall. In September we financed their $14 million acquisition of the Four Points Sheraton in Little Rock, Arkansas. The new $5 million transaction brings our annual closing volume to nearly $220 million! This achievement illustrates the profitability of long-lasting borrower relationships. The Red Lion closing resulted from a strong partnership and was key in reaching our latest milestone.
We look forward to the progression of the Red Lion conversion, and to continued success with the borrower team as they pursue additional high value-add transactions.