NEW YORK—PMZ Realty Capital LLC closed a $14-million 10-year term first mortgage loan for the 130-room Hampton Inn SeaTac, Seattle Washington.
“The property is a stabilized market leader that consistently achieves a 105% RevPAR index. Despite the CMBS market volatility, the loan closed as stated in the original loan application. The owner utilized the loan proceeds for renovating the property and took out a significant amount of cash,” stated Michael H. Sonnabend, managing member, PMZ Realty Capital LLC. “We are working on numerous hotel loans across the United States right now and expect to see higher interest rates as the year progresses, but our longstanding relationships with the lending community allow us to help our clients with well performing assets to get the financing they require, no matter the market conditions.”
The hotel is located eight blocks from Seattle-Tacoma International Airport and offers access to the light rail and area businesses. The Space Needle and Pike Place Market are 15 miles away in downtown Seattle. Other attractions include EMP, an interactive music museum with artifacts from acts who originated from the Pacific Northwest including Bing Crosby, Heart, Jimi Hendrix, Pearl Jam and Nirvana. Across from the hotel, Angel Lake Park offers a swimming area, kids play area and a short jogging trail.