UC Funds has secured a $6.85 million first mortgage loan for the refinance of the 139-room, 2.2-acre Wyndham Garden Greenville hotel within 3 miles of the Greenville-Spartanburg International Airport (GSP).
The refinance is funded through UC Funds’ new UC GO commercial mortgage bridge loan, which is a non-recourse loan available at 85 percent loan to value and 0.5 debt service coverage ratio.
Operating as a Hampton Inn & Suites from 1993 to 2013 and as a Quality Inn the following year, the hotel ultimately became the Wyndham Garden Greenville in 2015. Featuring a ground-level full bar with food and beverage services, an outdoor pool, fitness center, and meeting room, the hotel is one of Wyndham’s higher-end options.
“Over the last five years, the Greenville community has grown exponentially through its tourism and bustling economy,” said Daniel M. Palmier, president and CEO of UC Funds. “This growth in combination with the property’s location in the vicinity of strong corporate demand drivers such as BMW and Michelin made this an ideal opportunity for us.”
Located at 47 Fisherman Lane, Wyndham Garden Greenville is also within less than 150 miles of Atlanta — a popular destination in the Southeast.
Founded in 2010, UC Funds strives to develop lasting relationships with borrowers and provide reliability from start to finish.