NEW YORK—PMZ Realty Capital LLC announced the arrangement of a $27 million acquisition loan for the Holiday Inn Express & Suites Jacksonville Southeast Medical Center Area, Jacksonville, Florida, and the Hampton Inn Jacksonville Ponte Vedra Beach Mayo Clinic Area, Jacksonville Beach, Florida.
“In today’s market, securing financing can be extremely challenging for many hoteliers, especially with local banks leaving the market,” said Peter Berk, president, PMZ Realty Capital LLC—Hotel Finance Group. “This was our second transaction with this sponsor, and we were able to work with various non-bank lenders that have stepped into the void created by local banks leaving the market. The non-bank lenders offer rates similar to the banks but can often be more flexible because they don’t have all the government regulations imposed on local bank lending.”
The 104-room Holiday Inn Express & Suites features a business center, fitness center, outdoor pool, and over 1,500 square feet of meeting space. The 117-room Hampton Inn features a business center, fitness center, outdoor pool, and over 1,000 square feet of meeting space.
Both properties are located on opposite sides of The Mayo Clinic in Florida, a non-profit in medical care, research, and education. The hospital is undergoing an expansion expected to be completed in 2026, which includes adding five new floors and 121 inpatient beds.