Seattle-based Avatar Financial Group has provided an $8.4 million bridge loan for the DoubleTree by Hilton Pittsburgh-Green Tree hotel on the city’s southwest side. The property consists of three buildings with a total of 460 rooms. Amenities include three food-and-beverage options, indoor and outdoor pools, a fitness center and 40,000 square feet of meeting and event space. The sponsor, a joint venture between New York City-based investment firms First Choice Investments and The Chetrit Group, acquired the asset in 2021. The financing carries a 24-month term and loan-to-value ratio of approximately 26.5 percent, and the proceeds will be used to complete renovations and pay off existing debt.
Avatar Financial set to expand bridge…
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