PMZ Realty Capital, a national boutique real estate investment-banking firm focused on creating advantageous capital structures for their clients, arranged $17 million dollars in financing for the Spartanburg Marriott, which included a $14 million dollar loan plus a $3 million dollar mezzanine loan. The hotel has 240 rooms and seven suites and is located in downtown Spartanburg.
“This is another positive phase in the repositioning of the hotel as an integral part of downtowns development momentum,” said Andrew Cajka, president of the Southern Hospitality Group. “PMZ was extremely professional and responsive in executed the financial process despite the complexity of the deal.”
“This property is highly valued in the area and offers unique meeting spaces coupled with the high standard of Marriott level of service guests have come to expect. By procuring funds through us, they will continue to excel at what they do best and continue to serve their community well,” said Peter Berk, president of PMZ Realty Capital’s hotel finance group. “We were able to couple together both junior and senior financing that worked together in order to achieve the client’s objectives.”
The Spartanburg Marriott, near Greenville, S.C., has more than 30,000 square feet of flexible event space including 27 events rooms, three boardrooms and the 11, 350 square foot Spartanburg Marriott Heritage Ballroom with space for 1,500 guests.