PMZ Realty Capital closed a $38-million loan to refinance a four-property Marriott and Starwood portfolio in Virginia.
The portfolio comprises the 136-room Aloft Chesapeake, 148-room Fairfield Inn & Suites by Marriott Williamsburg, 131-room SpringHill Suites by Marriott and 121-room Residence Inn by Marriott Chesapeake Greenbrier.
The proceeds will be used by the borrower to retire existing debt and help recapitalize the company for future development and acquisition opportunities.
“With the CMBS market starting to stabilize, PMZ was able to help the borrower refinance this portfolio within 45 days from the time the loan application was signed in order to meet the loan maturity date,” said Peter Berk, president, PMZ Realty Capital – Hotel Finance Group. “We continue to help our clients actively seek permanent, bridge and mezzanine loan opportunities for hotel in the United States.”
PMZ Realty Capital is national boutique real estate investment banking firm with over 75 years of combined experience.