PMZ Realty Capital LLC, a boutique real estate investment banking firm, arranged a $25 million bridge loan for the 96-key TRYP by Wyndham Miami Bay Harbor. The bridge loan is a 3-year term with a floating rate based on 30 day LIBOR and was sourced via a debt fund. PMZ Realty Capital specializes in hotel real estate investment banking nationwide.
“PMZ Realty Capital worked on behalf of an experienced group of investors that has most of their investments in South America and Europe. The investor group was attracted to our specialization in hospitality financing throughout the United States” said Michael Sonnabend, Managing Member, PMZ Realty Capital LLC. “PMZ Realty Capital’s experience and ability to handle creative deals favored the investor group and allowed us to complete this challenging assignment on a short time frame caused by maturing debt.”
The TRYP by Wyndham Miami Bay Harbor opened in February 2018. “Many lenders would not lend on a property owned by non-American investors, especially one that is not fully stabilized yet” remarked Sonnabend. “However, the strength of this Miami submarket, an attractive LTV and the strong hotel management capabilities of Wyndham all played an important role in completing this deal.”
HVS reports that the Miami market in 2018 remained strong and rated as the 4th best-performing market in the United States passing Boston. In addition, Lodging Econometrics estimates that another 6,000 rooms will come to the Miami market in the next 3 years. With improvements at both the Miami International Airport (MIA) and the Port of Miami, guest visitations have increased to support the demand/new supply on the market.
TRYP Bay Harbor was the 5th property opened by TRYP in the United States. There are currently 10 TRYP by Wyndham properties open in the North America. The brand’s pipeline comprises approximately 34 hotels and more than 5,000 rooms on the horizon, with highly anticipated openings planned for growing destinations such as Nashville, Tenn.
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 highly specialized with the singular goal of creating the most advantageous capital structure for their clients. PMZ Realty Capital LLC is a national leader in hospitality financing focusing on debt and equity financing, note sales, joint ventures, recapitalizations and real estate advisory services.
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.
