PMZ Realty arranges construction loan for New Jersey's first Autograph

PMZ Realty Capital arranged a $26.5 million construction loan for The MC Hotel, an Autograph by Marriott, in Montclair, N.J.

The 150-room hotel is located within the CentroVerde development of Montclair, approximately 13 miles west of Midtown Manhattan. The hotel is scheduled to open third quarter 2017 and will have 7,500 square feet of office space as well as a farm-to-table restaurant, rooftop bar and outdoor plaza connected to a two-story round atrium with glass walls.

FREE DAILY NEWSLETTER

Like this story? Subscribe to Operations & Technology!

Hospitality professionals turn to Operations & Technology as their go-to source for breaking news on guestrooms, food & beverage, hospitality and technology trends, management and more. Sign up today to get news and updates delivered to your inbox daily and read on the go.

“Although the hotel construction lending environment has continued to prove challenging for hoteliers, we were able to secure interest from multiple lenders for this project," said Michael H. Sonnabend, managing member, PMZ Realty Capital. “The dynamics of the local market in Montclair combined with the fact this will be the first full service hotel in the market since 1938 made this an attractive deal and gave the lender confidence to close the loan.”

Suggested Articles

When developing an on-property spa, hoteliers should consider what its strategic objective will be and plan accordingly.

Europe’s hotel industry reported positive results in the three key performance metrics during 2019, led by growth in rate.

Accor has signed with Sabre to create a new product combining property management and central reservation systems, which it hoped would drive growth.