UC Funds Places $24M Adaptive Loan on Pittsburgh Renovation

UC Funds has issued a $24.2 million adaptive reuse bridge loan to convert downtown Pittsburgh’s Salvation Army building into the Distrikt Hotel. The 183-room Distrikt Hotel will be a full-service boutique hotel. Greenway Realty Holdings of New Jersey is the borrower.

Set to open in 2017, the new hotel will offer a living plant wall, Zen rooftop garden and on-site restaurant. A Distrikt Hotel is already open and operating in Manhattan, near Times Square.

The property in question at 427 Boulevard of the Allies is 93,000 square feet. It was built in 1924 as a hotel for young women. Greenway Realty acquired the asset for $2.8 million in 2014.