PMZ Realty Capital closed an $8.7-million financing deal for the SpringHill Suites by Marriott Newnan, Ga. The specific terms include a 10-year non-recourse loan from a money center bank.
“Even though we purchased the property only a little over a year ago, the loan secured by PMZ will allow us to have financing for 70 percent of the current value of the hotel,” said Pete Patel, of the ownership group. “PMZ was incredibly easy to work with and delivered on what they promised us. They made the whole process painless and were able to meet a very aggressive timetable. The deal arranged by PMZ will allow us to continue to do great things with the hotel and have the capability to increase our value offering.”
“This deal was especially attractive because the terms we obtained allowed our client to recoup their investment plus some,” says Michael Sonnabend, managing member, PMZ Realty Capital. “The hotel is on course to continue growing its market share with the backing of favorable financing and an existing respected reputation. SpringHill Suites by Marriott Newnan will continue to serve their historic neighborhood and surrounding areas with style and panache.”
The SpringHill Suites by Marriott Newnan is located near the Hartsfield-Jackson Atlanta International Airport, close to downtown Atlanta, as well. I