Boutique real estate investment banking firm PMZ Realty Capital has arranged a $12 million nonrecourse loan for the Hilton Garden Inn Albany, located in Albany, Ga. The 122-room property, which is owned by Rio Partners, has an outdoor pool, a fitness center, an onsite business center and more than 9,000 square feet of meeting space separated into five meeting rooms.
“This transaction enabled the borrower to pay off a fixed-rate [commercial mortgage-backed securities] loan that had reached its maturity date,” said Michael H. Sonnabend, managing member, PMZ Realty Capital. “This financing allowed them to refinance debt that was due and allowed them to reposition the asset to better performance prior to securing long-term financing, rather than taking a short-term extension offered by the special servicer.
The Hilton Garden Inn is close to the Albany Civic Center, Albany State University and the Flint River Aquarium. Riverfront Park, home to the Ray Charles Plaza, is directly across the street, and the Southwest Georgia Regional Airport is approximately 4 miles from the property.
Rick Patton, principal of Rio Partners, said the company has closed multiple transactions with PMZ over the past five years, working on construction, acquisition, refinancing and repositioning.