PMZ Realty Capital LLC, a national boutique real estate investment banking firm focused on creating advantageous capital structure for their clients, announced today they have secured a loan for over $18 million dollars in financing for the soon-to-be DoubleTree by Hilton Fresno. The property will be unflagged as it undergoes a renovation for a period of up to 12 months. Once completed, it will join the DoubleTree by Hilton Brand as a highly desirable property in central California market.
“The financing of this property presented some unique challenges as it will not retain a franchise
affiliation during its year-long renovation. Despite the uncertainty which precluded many lenders from providing a non-recourse fixed rate transaction, PMZ was able to obtain extremely favorable ‘vanilla’ financing,” stated Michael H. Sonnabend, Managing Member, PMZ Realty Capital-Hotel Finance Group. “We were thrilled to help move this project forward and prove to be a strong partner during the process. As we continue to grow our business on the West Coast, this deal shows our strength and ability to ‘get things done’ through the most advantageous capital structure for our clients.”
“We were pleased to work with PMZ and gain terms allowing us to repay the existing debt and still provide $6 million to renovate the property and convert it to a Doubletree by Hilton,” stated Ed Chan, of the ownership group. “The 10 year term with 30 year amortization and an interest rate below 5% will allow the property to be positioned favorably to succeed once the renovation is complete. It’s a win-win situation for everyone involved.”
The property, which is the largest full-service hotel and convention center in the San Joaquin Valley hosts 27,000 square feet of meeting space and is situated in an unbeatable central California location. Guests can walk across the street to the Fresno Convention and Entertainment Center or take just an hour and a half drive to Yosemite National Park. It’s also within driving distance of Sequoia National Park and Kings Canyon National Park.
PMZ Realty Capital LLC is highly regarding within the hospitality industry for their integrity, creativity and advocacy on behalf of their clients. With over 75 years of combined experience, they are the industry experts and as such, are frequent contributors to industry publications and conferences. The firm approaches each assignment with passion, commitment and dedication to achieving the client’s objectives.
For more information about PMZ Realty Capital LLC or to contact the firm to finance your next hotel, contact Peter Berk, President, PMZ Realty Capital LLC at (212) 277-8265.
About PMZ Realty Capital LLC
PMZ Realty Capital LLC is a boutique real estate investment banking firm that operates on a nationwide basis. Their advisory services are focused and highly specialized with the singular goal of creating the most advantageous capital structure for their clients. The firm focuses on debt and equity financing, note sales, joint ventures, recapitalizations and real estate advisory services. PMZ Realty Capital LLC is a national leader in hospitality financing and also has an extensive transaction history with other asset classes, including office, retail, self-storage, multi-family and industrial properties.