NEW YORK—PMZ Realty Capital LLC, a national boutique real estate investment banking firm, has arranged an $11.9-million acquisition loan for the TownePlace Suites by Marriott Las Colinas, Irving, TX.
The 135-suite property offers guests a choice of studio, one- and two-bedroom suites with fully equipped kitchens and free grocery delivery. The hotel features complimentary breakfast buffet, fitness center with free weights and cardio machines and outdoor pool along with one room of meeting space totaling 340 sq. ft.
“The buyer needed to ensure closing happened in thirty days and that included Christmas and New Year’s in the middle, of that period” said Peter Berk, president, PMZ Realty Capital LLC. “Our extensive relationships allowed us to find a commercial bank with the ability to close within the required time frame with a sub 5% interest loan.”
The property is located close to top corporations in the area including Microsoft, Nokia, NEC, Verizon, Abbott Labs, and Cognizant. Nearby attractions including Irving Convention Center, Mandalay Canal Walk, Lego Land, West End Market, Lone Star Park, AT&T Stadium, Globe Life Park – home of the Texas Rangers, Six Flags over Texas, Hurricane Harbor in Arlington, Texas Motor Speedway and an array of shops and restaurants.