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.
“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.”