PMZ Realty Capital, LLC, a national boutique real estate investment banking firm focused on creating advantageous capital structures for its clients, has arranged a $26,500,000 construction loan for The MC Hotel, an Autograph by Marriott, in Montclair, N.J.
The 150-room upscale full-service hotel is located within the CentroVerde development of Montclair, approximately 13 miles west of Midtown Manhattan. The hotel is scheduled to open 3rd-quarter 2017 and will feature 7,500 square feet of office space as well as a farm-to-table restaurant, rooftop bar, lobby and outdoor plaza connected to a two-story round atrium with 30-feet-high 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, stated 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.”