PMZ Realty Capital, a national boutique real estate investment banking firm, arranged a $28-million bridge loan for the Radisson Oakland Airport, Oakland, Calif.
The newly re-opened 270-room full-service property offers guest modern accommodations including refrigerators and microwaves along with complimentary Wi-Fi, a work desk and ergonomic chair for business and leisure travelers. Each room also has a plush bed with a 50-inch flat screen TV along with free HBO. The bathrooms offer shower/tub combinations, a hairdryer and lighted vanity mirror.
"The property had been closed for several years and was re-opened in January following a complete renovation. We needed a lender that would recognize the attractive basis of the transaction,” Michael Sonnabend, managing member, PMZ Realty Capital, said in a statement. “Our extensive relationships enabled us to explain the story and achieve a phenomenal execution for the owner with an attractive floating rate pricing over Libor representing 99 percent of the total project cost.”
The property is located steps from the Oracle Arena and O.co Coliseum, and a two-mile drive from the Oakland International Airport. The hotel is located off Interstate I-880, and a short walk from the Coliseum BART station and offers easy access to Downtown San Francisco, Silicon Valley and all the Bay Area. Other hotel amenities include a pool, fitness center, airport shuttle, onsite restaurant and a business center.