PMZ Realty Capital closes $32M loan on three-hotel portfolio

The Hyatt Place Airport North in Atlanta. Photo credit: Hyatt Hotels Corporation

PMZ Realty Capital, a national boutique real estate investment banking firm, closed a $32-million, fixed-rate loan to refinance a three-property portfolio in Georgia.

The portfolio comprises the 150-room Hyatt Place Airport North in Atlanta; the 132-room Hampton Inn Atlanta/Norcross in Norcross, Ga.; and the 80-room Fairfield Inn & Suites in Commerce, Ga.

“The borrower turned to PMZ as their advisor for this complex refinancing as one of the properties was less than two years old, and another was acquired a year ago,” Michael H. Sonnabend, managing member of PMZ Realty Capital, said in a statement. “We were able to help them secure a loan at a fixed rate below 4.85 percent for 10 years that gave them the ability to take cash out of the deal.”

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“This was a complicated deal with a lot of moving parts. We benefited from PMZ’s process, attention to detail and proactive culture,” Paul Patel, president, Elite Hotel Management Group, said in a statement. “PMZ exceeded our expectations, and we look forward to working with them again as we continue to grow our hotel portfolio.”