PMZ Realty Capital Arranges $83.5 Million for Embassy Suites Atlanta
PMZ Realty Capital LLC, a boutique real estate investment banking firm, arranged an $83.5 million fixed-rate loan for the 321-suite Embassy Suites Centennial Park in Atlanta on behalf of Legacy Ventures.
“PMZ values working with Legacy Ventures and providing exceptional financing solutions. The hotel is now stabilized after a major $10 million dollar renovation,” said Peter Berk, president of PMZ Realty Capital LLC. “The Embassy Suites Atlanta Centennial Park will continue to grow as more demand generators enter the market.” This is the fifth loan PMZ Realty Capital LLC has closed for Legacy Ventures.
The Embassy Suites Atlanta Centennial Park is located near Mercedes Benz Stadium, Georgia World Congress Center, Georgia Aquarium, National Center for Civil and Human Rights Museum, and World of Coke. In addition, the hotel is located by The Centennial Yards project, a $5 billion, mixed-use development projected to reshape downtown Atlanta that will include a projected 9 million square feet of new office space over the next decade.
“Interest rates continue to be at historic lows and PMZ projects that they will remain there while the economy continues to perform at record levels,” said Berk. “Hotel owners should be reviewing their financing options during this low-interest rate environment.”
“Legacy Ventures has become a leader in the hospitality industry by consistently delivering measurably better results. And the key to this is our team members who consistently lean into both routine duties and one-off challenges,” said David Marvin, founder and president of Legacy Ventures. “Securing the Embassy Suites Centennial Park with outstanding financing allows us to continue our mission. I could not be prouder or more appreciative of our team. PMZ Realty Capital is part of our team and we rely on them.”
Le Meridien Hotel in Arcadia, California, Secures Construction Financing
Davis Hotel Capital, Inc., a hotel investment banking and mortgage brokerage firm with a focus on hospitality real estate, and National Property Inc., a California-based advisory and development company, arranged construction financing of $43.5 million for the development of a 233-key Le Meridien Hotel in Arcadia, Calif. The developer of the project is SAICP LLC.
Geoff Davis, senior principal of Davis Hotel Capital, and Robb MacMillan, president of National Property Inc., collaborated on the placement. The hotel will be located adjacent to Santa Anita Park and the Westfield Arcadia Mall, and near numerous growing areas, such as Pasadena.
“Patience, creativity, and flexibility, particularly on the lender and developer’s parts, helped make this project a reality,” said MacMillan. Davis added, “It was a complex capitalization, involving a senior lender and an EB-5 component, but when it is all said and done, this is going to be an amazing hotel that the community will be proud to welcome.”
