NEW YORK—PMZ Realty Capital LLC announced that it arranged financing for three TownePlace Suites by Marriott properties. The $20 million non-recourse loan with a bank allowed the owner to refinance existing debt that had matured with a rate below five percent.
The portfolio includes the 112-suite TownePlace Suites Denver Southeast, the 150-suite TownePlace Suites Boulder Broomfield Interlocken, and the 94-suite TownePlace Suites Denver Tech Center. The hotels are all located in the Greater Denver area and feature complimentary breakfast, internet access, a 24-hour business center, a 24-hour fitness center, guest laundry facilities, and an outdoor swimming pool.
“Having a strong sponsor with top-notch management made this an ideal project for a large bank,” said Michael H. Sonnabend, managing member, PMZ Realty Capital. “Despite the current capital market uncertainty, our relationships allowed us to secure multiple proposals from various lenders offering attractive terms.”
The all-suite properties are located near Sports Authority Field at Mile High, Coors Field, Pepsi Center, Colorado Convention Center, Elitch Gardens, Craig Hospital, National Jewish Hospital, and CU Boulder.
With over 75 years of combined experience, PMZ Realty Capital LLZ is a frequent contributor to the hospitality industry.