PMZ Realty Capital secured three non-recourse loans for the Holiday Inn Carmel, Ind.; Hilton Garden Inn Houston Clear Lake, Texas; and the Holiday Inn Express & Suites Houston North Intercontinental. Each of the hotels hired PMZ to arrange financing for loan interest rates.
The 171-key Holiday Inn Carmel property received a $13 million interest-only, non-recourse bridge loan that allowed the owners to get back most of the equity invested in the property, even though it was not yet stabilized at the time of closing. The borrower also recouped over $2 million in funds they had invested in the property for renovations that was now needed for other transactions.
The 126-room Hilton Garden Inn Houston Clear Lake was able to secure a loan sourced by PMZ that was $2 million larger than the loan they were offered by other lenders. The loan closed in 30 days per the owners’ request with a rate below 4.5 percent for a ten-year term with 30-year amortization.
The 109-room Holiday Inn Express & Suites Houston North InterContinental’s non-recourse acquisition loan was accelerated by PMZ due the nature of the acquisition and provided assurance to the owner of the impending closing. The loan was 70 percent loan to cost and included all transaction and PIP costs.