01.07.16

PMZ Realty Capital Arranges $26.5 Million Construction Loan for Autograph by Marriott

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PMZ Realty Capital, LLC, a national boutique real estate investment banking firm focused on creating advantageous capital structures for its clients, has arranged a $26,500,000 construction loan for The MC Hotel, an Autograph by Marriott, in Montclair, New Jersey.

The 150 room upscale full service hotel is located within the CentroVerde development of Montclair, approximately 13 miles west of Midtown Manhattan. The hotel is scheduled to open 3rd quarter 2017 and will feature 7,500 square feet of office space as well as a farm-to-table restaurant, rooftop bar, lobby and outdoor plaza connected to a two-story round atrium with 30-feet-high glass walls.

“Although the hotel construction lending environment has continued to prove challenging for hoteliers, we were able to secure interest from multiple lenders for this project, stated Michael H. Sonnabend, Managing Member, PMZ Realty Capital. “The dynamics of the local market in Montclair combined with the fact this will be the first full service hotel in the market since 1938 made this an attractive deal and gave the lender confidence to close the loan.”

PMZ Realty Capital LLC is highly regarding within the hospitality industry for their integrity, creativity and advocacy on behalf of their clients. With over 75 years of combined experience, they are the industry experts and as such, are frequent contributors to industry publications and conferences. The firm approaches each assignment with passion, commitment and dedication to achieving the client’s objectives.

For more information about PMZ Realty Capital LLC or to contact the firm to finance your next hotel, contact Michael Sonnabend, Managing Member, PMZ Realty Capital LLC at (212) 277-8252.

About PMZ Realty Capital LLC
PMZ Realty Capital LLC is a boutique real estate investment banking firm that operates on a nationwide basis. Their advisory services are focused and highly specialized with the singular goal of creating the most advantageous capital structure for their clients. The firm focuses on debt and equity financing, note sales, joint ventures, recapitalizations and real estate advisory services. PMZ Realty Capital LLC is a national leader in hospitality financing and also has an extensive transaction history with other asset classes, including office, retail, self-storage, multi-family and industrial properties.

I initially called Peter and Mike several years ago when I was seeking refinancing of two of our properties in Pennsylvania. The lender we were working with at the time had changed the terms on us several times. I explained the situation to them, and they assured me that they would close at the same exact terms or better than originally quoted. Not only did they close at better terms then originally outlined, but they exhibited a sense of professionalism and integrity that every intermediary should possess. I have since worked with Peter and Mike on several other transactions, and their high level of service is consistent. I would recommend the PMZ without hesitation to anyone seeking financing.

Atul Patel
CEO, HMB Management, Allentown, PA