PMZ Realty Capital LLC, a national boutique real estate investment banking firm focused on creating advantageous capital structure for their clients, has arranged a $8.1-million-dollar non-recourse loan for the DoubleTree by Hilton Racine, Wisconsin. The loan had a low fixed interest rate of below 4.5%. The property has been without a franchise and is converting to the DoubleTree by Hilton flag within the next 12 months.
“This non-recourse loan offered the ability to get creative for our client Graves Hospitality,” stated Michael Sonnabend, Managing Member, PMZ Realty Capital-Hotel Finance Group. “PMZ was able to negotiate a deal without a franchise in place that allowed our client to utilize the funds to pay off current debt and fund the PIP to convert the property to a DoubleTree.”
The 121 room full service hotel is about to undergo a $2MM upgrade to the entire property and is located just 26 miles south of Milwaukee’s General Mitchell International Airport, and an hour drive north of Chicago. It is just a 10-minute drive to North Beach and the Racine Zoo. The property is adjacent to the city’s marina with spectacular views and within blocks of the downtown business district’s shopping, art galleries and unique restaurants.
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 Peter Berk, President, PMZ Realty Capital LLC at (212) 277-8265.
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.
