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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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.