PMZ Realty Capital LLC has arranged acquisition financing for the Courtyard by Marriott Austin – University Area. The $20.75-million, non-recourse acquisition loan with a flexible floating rate priced over SOFR was provided by a portfolio lender to cover 73% of the overall total project costs.
“While local banks were the main source of financing for many hoteliers prior to the pandemic, they are finding that is not the case in today’s market,” said Michael Sonnabend, managing member, PMZ Realty Capital. “PMZ bring deals to a variety of lenders looking to finance deals on a nationwide basis. Since this was our sixth transaction with this sponsor, we were able to secure them favorable terms and get the deal done within their timeframe.”
The nine-story hotel features 186 guestrooms, 12 suites, 1,342 sq. ft. of meeting space, a fitness center, a business center and a pool. It is located across from Dell Children’s Hospital, about three miles from the University of Texas at Austin and a few miles north of downtown Austin.