PMZ Realty Capital Arranges $26M in Non-recourse Financing for Hilton Washington DC / Silver Spring
Hospitality Capital Provider Still Closing Deals Despite Market Conditions
New York, NY - March 30, 2010 = PMZ Realty Capital's Hotel Finance Group, a capital provider that has completed more than a $1 billion in transactions for hospitality assets since 2003, secured $26,000,000 in non recourse financing for the Hilton Washington DC / Silver Spring - Silver Spring, MD. Michael H. Sonnabend, Managing Partner of PMZ Realty Capital made the announcement.
Hilton Washington DC / Silver Spring is a 260-Key hotel offering 20,000 square feet of meeting space, full service dining options and all modern amenities. The hotel is proximate to a wide range of restaurants, major shopping centers and the Washington DC Metro System.
“The non recourse lender that provided this permanent financing was attracted to the consistent performance and experienced long term ownership of this property. Although ownership is an established group with a significant portfolio, their previous financial relationships were unable to provide acceptable financing in today's uncertain marketplace They utilized our relationships with a variety of lending sources to get this deal done”, Mr. Sonnabend commented. The non recourse financing allowed the owner to pay off existing debt, and provided funds for the renovation of the hotel."
Peter Berk, President of PMZ Hotel Finance Group further commented. “ With the limited participation of conduits and most other traditional lenders in the marketplace, we have been successful in closing transactions with a variety of new lending sources that have emerged over the past year. This is a pattern PMZ Hotel Finance Group expects to continue in 2010.”
About PMZ Realty Capital
PMZ Realty Capital LLC. is a boutique real estate investment bank whose principals have combined over 75 years of experience arranging capital for middle market owners and developers around the country. The principals are experienced real estate entrepreneurs, who are recognized in the industry for crafting the most profitable financial solutions for its clients. PMZ's Realty's principals have closed more than 250 debt and equity transactions, aggregating over $10 billion of debt, mezzanine and equity.
PMZ Hotel Finance Group, a wholly owned division of PMZ Realty Capital LLC., is one the leading providers of capital to the hospitality industry, and its principals have financed more than 250 hotels during the past 5 years
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