1PMZ Realty Arranges Loan for TRYP Miami Bay Harbor
PMZ Realty Capital, a boutique real estate investment banking firm, arranged a $25 million bridge loan for the 96-key TRYP by Wyndham Miami Bay Harbor. The bridge loan is a three-year term with a floating rate based on 30 day LIBOR and was sourced via a debt fund. The hotel opened in February 2018. “Many lenders would not lend on a property owned by non-American investors, especially one that is not fully stabilized yet,” said Michael Sonnabend, managing member, PMZ Realty Capital LLC. “However, the strength of this Miami submarket, an attractive LTV, and the strong hotel management capabilities of Wyndham all played an important role in completing this deal.”
2Urban Catalyst Closes on Downtown San Jose Property
San Jose-based Urban Catalyst, a multi-asset Opportunity Zone Fund, closed on the second of two adjacent properties located on West San Carlos Street near Josefa Avenue, one of the busiest corridors in the downtown San Jose submarket. In July, the fund purchased two properties located 200 yards from the proposed Google campus and near the SAP event center and Diridon train station. The company plans to build a select service, 170-room business hotel with onsite parking. Prior to construction, Urban Catalyst plans to partner with local nonprofits to use any vacant spaces on the properties.
3Helix Hospitality Acquired Two Columbus Properties
Helix Hospitality, a Chicago-based hotel group with properties throughout the United States, acquired two properties in Columbus, Ohio: the 80-room SpringHill Suites located at 665 Taylor Road and the 94-room TownePlace Suites located at 695 Taylor Road. These mark the 10th and 11th properties in the Helix Hospitality portfolio and the first two in the state of Ohio. Both properties are located near the John Glenn Columbus International Airport and offer complimentary breakfast, free WiFi, and fitness centers. Built in 1998, the properties will both undergo renovations later this year.
4Lightstone Raises $70 Million for Moxy East Village
National real estate investor and developer Lightstone completed its sixth round of EB-5 investment funding, raising $70 million for the development of the company’s 286-key Marriott Moxy hotel in Manhattan’s East Village. Fundraising is already underway for Miami’s 202-key Moxy South Beach and the 744-key Moxy Downtown Los Angeles—Lightstone’s largest EB-5 funding project. Moxy East Village is set to open this fall. Conceived by Rockwell Group as a vertical timeline, each floor of the hotel draws inspiration from a different era in East Village history. The property will have four new F&B concepts by TAO Group.
