NEW YORK — PMZ Realty Capital LLC announced the closing of a $32 million fixed-rate loan to refinance a three-property portfolio in Georgia. The portfolio includes the 150-room Hyatt Place Airport North in Atlanta, the 132-room Hampton Inn Atlanta/Norcross in Norcross, and the 80-room Fairfield Inn & Suites in Commerce.
“The borrower turned to PMZ as their advisor for this complex refinancing as one of the properties was less than two years old, and another was acquired a year ago,” says Michael H. Sonnabend, managing member, PMZ Realty Capital,a national boutique real estate investment banking firm. “We were able to help them secure a loan at a fixed rate below 4.85 percent for ten years that gave them the ability to take cash out of the deal.”
“This was a complicated deal with a lot of moving parts. We benefited from PMZ’s process, attention to detail and proactive culture,” says Paul Patel, president, Elite Hotel Management Group, LLC. “PMZ exceeded our expectations, and we look forward to working with them again as we continue to grow our hotel portfolio.”