Palmier of UC Funding closes $13.6 million mezzanine loan for the Wyndham Hotel; For the redevelopment of the 173-room TRYP, located at 345 West 39th Street

UC Funding has structured and funded a $13.6 million mezzanine loan to complete the redevelopment of the 173 key TRYP by Wyndham Hotel, including furniture, fixtures and equipment necessary for operations. The hotel is located at 345 West 35th St. The transaction was originated, underwritten and closed at UC Funding's headquarters office in Boston. Located 7 blocks south of Times Sq., the TRYP hotel will be the flagship for the central city hotel concept that is popular in European and South American cities. TRYP was acquired by Wyndham from Sol Melia Hotel group in June 2010. The borrower group turned to UC Funding when its existing lender curtailed the funding construction of the hotel. "It was critical that the borrower group obtain the necessary funding to get the project moving again and buy the furniture, fixtures and equipment to obtain Certificate of Occupancy and get operations going," said Dan Palmier, UC Funding's president & CEO, who arranged the financing.