NEW YORK—PMZ Realty Capital LLC has closed a $71-million loan to refinance a four-property Hilton portfolio.
The portfolio includes the 140-room Hilton Garden Inn Ridgefield Park in Ridgefield Park, NJ; 125-room Hampton Inn & Suites, Kissimmee, FL; 150-room Embassy Suites, Palmdale, CA; and 192-suite Homewood Suites by Hilton, Nashville, TN.
The proceeds will be used by the borrower to repay the first mortgage and mezzanine debt that has matured as well as fund upcoming CapEx improvements throughout the portfolio.
“The borrower had a very tight time frame due to the loans maturing,” stated Michael Sonnabend, managing member, PMZ Realty Capital LLC. “We work with clients to ensure they get their loan done within their time frame at the most favorable market execution regardless of where we are in any given cycle.”