National real estate investment banking firm PMZ Realty Capital arranged a $10-million, long-term fixed-rate loan with Money Center Bank for the Holiday Inn Express & Suites Meadowlands in Carlstadt, N.J.
“This loan was unique because it has no FF&E reserve being collected during the first six years,” said Michael H. Sonnabend, managing member, PMZ Realty Capital. “We were able to work with a long-time client to help them achieve a mid 4 percent interest rate at advantageous terms.”
The 100-room property is located 10 miles from Times Square in New York City and minutes from Hoboken, Secaucus and Newark. Travelers can access local attractions including American Dream Meadowlands, Izod Center, MetLife Stadium and Meadowlands Racetrack.