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PMZ Realty Capital LLC Completes $37.5 Million Bridge Loan For Hotel MC – Autograph by Marriott

Tuesday, July 09, 2019
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NEW YORK, NY--PMZ Realty Capital LLC, a boutique real estate investment banking firm, completed a $37.5 million bridge loan for the new 159-key MC Hotel, an Autograph by Marriott hotel, in Montclair, NJ on behalf of The Pinnacle Companies and The Hampshire Companies. PMZ Realty Capital specializes in hotel real estate investment banking nationwide, with an expertise in sourcing capital for the hospitality industry. The loan is a 3-year term with a floating rate based on LIBOR and was funded by a public mortgage REIT.

"PMZ Realty Capital thrives on challenging deals. What made this financing unique was that we completed it prior to the hotel's opening (soft opening July 18, 2019) and returned cash to the sponsor" commented Michael Sonnabend, Managing Member, PMZ Realty Capital LLC. "This is a winning outcome for the joint venture between The Pinnacle Companies and The Hampshire Companies and the Township of Montclair gains a first class, new hotel."

The MC Hotel is the first full service hotel developed in Montclair, NJ since 1938. The hotel anchors the Montclair Center Gateway Redevelopment Plan, known as CentroVerde, a $120 mixed use development. The Pinnacle Companies and The Hampshire Companies developed the hotel which is only 13 miles from West Midtown Manhattan. The property includes a rooftop bar and lounge with views of Manhattan, over 8,500 square feet of meeting and event space, a farm-to-table restaurant and a lobby library.

"Urban redevelopment projects are complex and navigating the challenges is what we are passionate about, as together with The Hampshire Companies, we bring the MC Hotel to the Township of Montclair" remarked Brian M. Stolar, President, The Pinnacle Companies. "Working with PMZ Realty Capital on the financial structuring of the deal is a crucial element to the project's success and we relied on their hotel financing expertise."

Norman Feinstein, Vice Chairman of The Hampshire Companies noted that “PMZ Realty Capital provided their substantial expertise and experience in hotel financing for this brand new Marriott Autograph property.”

This is the second loan arranged by PMZ Realty Capital for this project. The MC Hotel will be managed by the Aparium Hotel Group.
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