Real estate investment banking firm PMZ Realty Capital has arranged a $40 million refinancing loan for the Hilton Garden Inn Atlanta Downtown. A European bank provided the five-year interest-only loan, and the borrower, Legacy Ventures, will be using the part proceeds to pay off the existing debt and contribute to reserves for a future property improvement plan.
“This was our sixth transaction with PMZ, representing over $250 million of financing for our Atlanta Hotel portfolio,” Legacy Ventures CEO David Marvin said in a statement. “PMZ always provides us with multiple lending options to choose from and helps us select the most appropriate one. In times of financial uncertainty in the markets, we value their input more than ever.”
The 242-room Hilton Garden Inn Atlanta Downtown has an indoor pool, outdoor pool, fitness center, business center and more than 11,283 square feet of meeting space. The property is within a half-mile of State Farm Arena, World of Coca-Cola, the College Football Hall of Fame, Georgia Aquarium, Peachtree Center, Georgia State University and George World Congress.
“Despite the rise in interest rates, our debt platform continues to find interest from lenders seeking to invest in high-quality assets with strong sponsorship,” said Peter Berk, president, PMZ Realty Capital – Hotel Finance Group. “The Hilton Garden Inn perfectly aligns with this criterion and received multiple competitive bids from lenders for both fixed and floating rates.”