New York—PMZ Realty Capital, LLC, a national boutique real estate investment banking firm, arranged a $17.5 million refinance loan for the Residence Inn by Marriott Augusta in Augusta, Georgia.
The 124-suite Residence Inn by Marriott Augusta is located minutes away from the Riverwalk Augusta and a short drive from The Phinzy Swam Nature Park, Southeastern Natural Sciences, Gertrude Herbert Institute of Art, and Sacred Heart Cultural Center. The property is less than five miles from Daniel Field Private Airport and 13 miles from Augusta Regional Airport. Georgia’s second oldest city is known worldwide for the Masters, and golfers will find several courses in the area.
“The strength of the Augusta market and the sponsorship, allowed the ownership group to secure a long-term, fixed-rate loan with only two years of operating history. Ownership used the proceeds of the loan to refinance the asset and was able to receive a significant part of the investment back to reinvest in other projects,” said Peter Berk, president of PMZ Realty Capital LLC. “Our experience and knowledge of previously working with this ownership group multiple times allowed us to close the loan within a 30-day time frame.”
“PMZ brought us multiple financing quotes and helped us select the one most advantageous to the ownership group,” said Danny Patel, former chairman of AAHOA and partner in the property. “They helped us navigate the closing process flawlessly.”
The hotel has a 483 square feet meeting room, complimentary WiFi and breakfast, and a fitness center with indoor pool.