PMZ Realty Capital arranges $11M loan for CMC Hotels

PMZ Realty Capital arranged the $11 million loan for CMC Hotels' Fairfield Inn & Suites by Marriott Raleigh Cary. Photo credit: CMC Hotels

Real estate investment banking firm PMZ Realty Capital arranged an $11 million loan for CMC Hotels’ Fairfield Inn & Suites by Marriott Raleigh Cary in Cary, N.C. The commercial-mortgage-backed securities loan was a 10-year, nonrecourse loan with 30-year amortization.

“We have worked with PMZ for over 15 years and always value their market insight and guidance through the financing process,” Shahn Chhabra, CMC Hotels’ president, said in a statement. “PMZ obtained a great piece of long-term debt on the Fairfield property. We are committed to North Carolina and this expanding region and this financing gives us the financial flexibility to focus on a new project in the future.”

The Fairfield Inn & Suites, which opened in 2017, is a 108-room, five-story hotel located less than 10 miles west of Raleigh, N.C. The hotel features an indoor pool, a fitness center, complimentary Wi-Fi and a complimentary breakfast buffet.

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Hotel Optimization Part 3 | January 27, 2021

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Related Story: PMZ Realty Capital secures $35M refinancing for 3 hotels

PMZ Realty Capital is a national firm focused on debt and equity financing, note sales, joint ventures, recapitalizations and real estate advisory services. A privately owned hotel management firm, CMC Hotels’ portfolio comprises more than 1,000 rooms in Raleigh, Cary, Wilmington and Charlotte, N.C.