PMZ Realty Capital arranged a $19-million non-recourse loan funded by the NASA Credit Union for the Holiday Inn Resort Jekyll Island, Jekyll Island, Ga.
“This property was unique to finance since it had only a three month operating history and is situated on a ground lease,” said Michael H. Sonnabend, Managing Member, PMZ Realty Capital. “Our client utilized the financing to pay off their high cost bridge loan and preferred equity without waiting for the property to stabilize. The lender was comfortable to make the loan based on the value created by the borrower’s gut renovation of the asset”
The 251-room resort is located 1.5 miles from the Jekyll Island Convention Center. The property is situated on over a quarter mile of oceanfront.