The DoubleTree by Hilton Pittsburgh-Green Tree, located at 500 Mansfield Avenue in Pittsburgh, PA, has secured an $8.4 million bridge loan. The property, owned by a joint venture between First Choice Investments and The Chetrit Group, consists of three buildings with a total of 460 rooms. The loan, provided by Jerry Zevenbergen of Avatar Financial Group, features a 24-month term and a loan-to-value ratio of approximately 26.5 percent. The funds will be used for renovations and debt repayment.

Summary of transaction details

• Property Type: Hotel
• Transaction Amount: $8,400,000
• Address: 500 Mansfield Avenue - DoubleTree by Hilton Pittsburgh-Green Tree
• Market: Pittsburgh, PA
• Keys: 460
• Lender: Jerry Zevenbergen - Avatar Financial Group
• Landlord: First Choice Investments; Joseph Chetrit - The Chetrit Group
• Loan Type: Bridge Loan
• Loan Terms: 24-month term and loan-to-value ratio of approximately 26.5 percent

The bridge loan for the DoubleTree by Hilton Pittsburgh-Green Tree was provided by Jerry Zevenbergen of Avatar Financial Group. This financing will support the property's renovation plans and debt repayment, ensuring the continued success of the joint venture between First Choice Investments and The Chetrit Group.