PMZ arranges $24M loan for New Jersey hotel development

(The property will be located right outside of New York City with access to Yankee Stadium, Meadowlands Sports Complex, Columbia University and more.)

PMZ Realty Capital, a national boutique real estate investment banking firm, arranged a $23.7-million construction loan for the Hyatt Place Fort Lee in Fort Lee, N.J.

The 168-room property will offer guestrooms equipped with the Hyatt Grand Bed, work desk, refrigerator, coffee maker and in-room safe. The hotel offers complimentary breakfast, and 24-hour Gallery Menu with freshly prepared meals along with bottled beverages and packaged grab-and-go food items.

“Construction financing is getting harder to secure in today’s climate, but not impossible for experienced financially strong owners with substantial projects,” Michael H. Sonnabend, managing member, PMZ Realty Capital, said in a statement. “We were able to leverage our extensive relationships and work with a lender who had not previously funded hotel construction loans in the New Jersey Market.”

The property will be located right outside of New York City with access to Yankee Stadium, Meadowlands Sports Complex, Columbia University and more New York City attractions.