NEW YORK—PMZ Realty Capital LLC, a national boutique real estate investment banking firm focused on creating capital structures for its clients, has arranged a $7.5 million non-recourse acquisition loan with a life insurance company for The Homewood Suites by Hilton Lafayette Mall, located in Lexington, Kentucky.
“Finding financing is difficult in today’s environment with many local banks and other traditional lenders not having an appetite for hotel lending,” said Colin Smith, president of Lexington Hotel Group. “PMZ delivered not only an attractive deal but did so in a tight time frame that allowed us to successfully close on a high-quality asset.”
The 91-suite Homewood Suites by Hilton Lafayette Mall is located five miles from the University of Kentucky, Blue Grass Airport, downtown Lexington, and the largest shopping mall in Kentucky. The Homewood Suites by Hilton features rooms will full kitchens, free Wi-Fi, free parking, a fitness center, a business center, and 624 square feet of meeting space.
“By utilizing our network, we were able to help the buyer secure a non-recourse loan,” said Michael H. Sonnabend, managing member, PMZ Realty Capital. “There are many life insurance companies and other non-traditional lenders out there looking to invest in the hospitality industry. Our long-term relationship with the buyer allowed us to show the strength of the sponsor and present a deal with favorable terms.”
PMZ Realty Capital LLC is regarded within the hospitality industry for its integrity and advocacy on behalf of its clients. With over 75 years of combined experience, they are frequent contributors to industry publications and conferences. The firm approaches each assignment with commitment and dedication to achieving the client’s objectives.