PMZ Realty Capital has secured a first mortgage refinance loan of $11.5 million for four boutique hotel properties in New Orleans. They include the Inn on St. Peter, the Inn on St. Ann, the Inn on Ursuline and the Lamothe House and are part of the National Historic Registry.
The first mortgage, five-year loan was obtained for PMZ client, the KFK Group.
“This $11.5 million loan showcases the financing opportunities we can provide to our clients and the benefits of working together to obtain favorable terms. By procuring funding through us, these unique hotels will continue to serve guests and provide much-needed access to the finest attractions in the area,” said Peter Berk, president, PMZ Realty Capital-Hotel Finance Group. “We are proud to contribute to the historic legacy of New Orleans and help preserve these boutique properties.”
“We found PMZ to be a strong and able partner to help us quickly secure financing for our properties,” commented Elie Khoury, president, KFK Group. “Thanks to PMZ, we are able to move forward on growth plans that will further the success of our four hotels. This multi-unit deal is significant to revitalize and energize the properties and allow us to provide a valuable guest experience.”
The French Quarter Guest Houses consist of four distinct boutique hotel properties and have a focus on fine details. Each of the historic properties have been restored with traditional finishes including reclaimed heart of pine floors, white Carrera marble bathrooms, antique décor and local New Orleans artwork.