{"id":1004192239,"date":"2017-10-02T09:11:52","date_gmt":"2017-10-02T17:11:52","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004192239"},"modified":"2022-12-08T16:06:36","modified_gmt":"2022-12-09T00:06:36","slug":"walker-dunlop-secures-15m-loan-for-pittsburgh-hotel","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/walker-dunlop-secures-15m-loan-for-pittsburgh-hotel\/","title":{"rendered":"Walker &amp; Dunlop Secures $15M Loan for Pittsburgh Hotel"},"content":{"rendered":"<p>By Adina Marcut<\/p>\n<div id=\"attachment_1004192250\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/Kaufmann-building.png\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004192250\" data-attachment-id=\"1004192250\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/walker-dunlop-secures-15m-loan-for-pittsburgh-hotel\/kaufmann-building\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/Kaufmann-building.png\" data-orig-size=\"800,611\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Kaufmann building\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/Kaufmann-building.png?w=800\" loading=\"lazy\" class=\"wp-image-1004192250 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/Kaufmann-building.png\" alt=\"Kaufmann building\" width=\"300\" height=\"229\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/Kaufmann-building.png 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/Kaufmann-building.png?resize=300,229 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/Kaufmann-building.png?resize=768,587 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004192250\" class=\"wp-caption-text\">Kaufmann building<\/p><\/div>\n<p>Walker &amp; Dunlop closed a $14.9 million construction loan with Orix USA for EVEN Hotel. Jacob Cohen secured the non-recourse loan with three-years of interest-only payments on behalf of Reception Hotels and Resorts LLC. EVEN Hotel, owned by InterContinental Hotels Group, will be a boutique hotel located in the historic Kaufmann\u2019s department store building in downtown Pittsburgh. Edgar Kaufmann, patron of Fallingwater together with the original owner Frank Lloyd Wright, will be designing the executive offices of the building.<\/p>\n<h2>Ideal Location<\/h2>\n<p>The hotel will be part of the Kaufmann\u2019s Grand on Fifth, a master redevelopment on the former department store that will feature a mix of retail, hospitality, multifamily and office space. The borrower, Reception Hotels and Resort acquired the fifth and sixth floors for the hotel. Built in 1887, the property, also known as The Big Store, was the largest department store in the area.<\/p>\n<p>Located at the corner of 401 Fifth Ave. and 498 Smithfield St., the hotel is in close proximity to the David Lawrence Convention Center, Pittsburgh\u2019s Theater District, PNC Park, Heinz Field and other business headquarters. EVEN Hotel will feature amenities such as a 1,500-square-foot fitness center, flexible workspaces and a variety of dining options.\u00a0<\/p>\n<p><em>\u201cThe success of this transaction required coordination with several different parties; not just the Borrower and lender, but those who focused on the retail, office, and entertainment spaces within the building, as well as coordinating intercreditor agreements with the bridge lender for the historical tax credits,\u201d\u00a0<\/em>Cohen said in a statement<em>. \u201cWe are confident that this cornerstone investment will be transformative for both the Borrower\u2019s portfolio and the downtown Pittsburgh area.\u201d<\/em><\/p>\n<p>Back in August, Walker &amp; Dunlop closed $59 million in\u00a0<a href=\"https:\/\/www.commercialsearch.com\/news\/walker-dunlop-secures-59m-for-atlanta-asset\/\">bridge and equity financing<\/a>\u00a0for the acquisition of Newmarket Business Park in Marietta, Ga.<\/p>\n<p><em>Image courtesy of Walker &amp; Dunlop <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company worked on behalf of the borrower, Reception Hotels and Resorts LLC, to provide the three-year, non-recourse construction loan. Reception Hotels and Resorts purchased the fifth and the sixth floors for the hotel. <\/p>\n","protected":false},"author":436,"featured_media":1004192250,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21825,21751,21742,10,1602],"tags":[37730,32848,37729,34573],"class_list":["post-1004192239","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-finance","category-hotel","category-latest","category-northeast","category-pittsburgh","tag-even-hotel","tag-intercontinental-hotels-group","tag-orix-usa-corporation","tag-walker-and-dunlop"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Walker &amp; Dunlop Secures $15M Loan for Pittsburgh Hotel - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/walker-dunlop-secures-15m-loan-for-pittsburgh-hotel\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Walker &amp; Dunlop Secures $15M Loan for Pittsburgh Hotel\" \/>\n<meta property=\"og:description\" content=\"The company worked on behalf of the borrower, Reception Hotels and Resorts LLC, to provide the three-year, non-recourse construction loan. Reception Hotels and Resorts purchased the fifth and the sixth floors for the hotel.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/walker-dunlop-secures-15m-loan-for-pittsburgh-hotel\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-10-02T17:11:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T00:06:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/Kaufmann-building.png\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"611\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Adina Rogoz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/walker-dunlop-secures-15m-loan-for-pittsburgh-hotel\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/walker-dunlop-secures-15m-loan-for-pittsburgh-hotel\/\",\"name\":\"Walker &amp; Dunlop Secures $15M Loan for Pittsburgh Hotel - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/walker-dunlop-secures-15m-loan-for-pittsburgh-hotel\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/walker-dunlop-secures-15m-loan-for-pittsburgh-hotel\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/Kaufmann-building.png\",\"datePublished\":\"2017-10-02T17:11:52+00:00\",\"dateModified\":\"2022-12-09T00:06:36+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/1e376ba4add70694b922380ddbe946d8\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/walker-dunlop-secures-15m-loan-for-pittsburgh-hotel\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/walker-dunlop-secures-15m-loan-for-pittsburgh-hotel\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/walker-dunlop-secures-15m-loan-for-pittsburgh-hotel\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/Kaufmann-building.png\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/Kaufmann-building.png\",\"width\":800,\"height\":611},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/walker-dunlop-secures-15m-loan-for-pittsburgh-hotel\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Walker &amp; Dunlop Secures $15M Loan for Pittsburgh Hotel\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/1e376ba4add70694b922380ddbe946d8\",\"name\":\"Adina Rogoz\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Adina-Rogoz.jpg?w=78\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Adina-Rogoz.jpg?w=78\",\"caption\":\"Adina Rogoz\"},\"description\":\"Adina Rogoz is a Senior Associate Editor with Commercial Property Executive and Multi-Housing News. 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