PMZ Realty Capital, a national boutique real estate investment banking firm, arranged a $19.5-million construction loan for the Hotel Indigo—Charleston located in Mount Pleasant, S.C.
The 158-room boutique hotel is scheduled to open later this year. The hotel will be designed with ties to the surrounding neighborhood and local experiences. It will be centrally located next to the Arthur Ravenel Jr. Bridge, the “Gateway to Historic Downtown Charleston,” and 4 miles away from the Charleston historic sites including The Market, King Street and The Battery, as well as Charleston’s restaurants and boutique shops. The hotel will also include an onsite restaurant and bar.
“Construction loans are becoming increasingly difficult to obtain as lenders are reducing their allocations for them. We’ve been consistently successful helping our clients obtain new construction financing regardless of market conditions,” Michael H. Sonnabend, managing member of PMZ Realty Capital, said in a statement. “Our relationships with a breadth of lenders allowed us to help our client, a longtime PMZ client, secure new construction financing. The strength of the Charleston—Mount Pleasant Market as well as the successful track record of the developer made this transaction attractive to lenders."
PMZ Realty Capital is a boutique real estate investment banking firm that operates on a nationwide basis. The firm focuses on debt and equity financing, note sales, joint ventures, recapitalizations and real estate advisory services.