PMZ Realty Capital LLC, a national boutique real estate investment banking firm focused on creating advantageous capital structures for its clients, has arranged a $40-million refinancing loan for the Hilton Garden Inn Atlanta Downtown. A European bank provided the five-year, interest-only loan, and the borrower, Legacy Ventures, will be using part of the proceeds to pay off the existing debt and contribute to reserves for a future property improvement plan (PIP).
“This was our sixth transaction with PMZ, representing more than $250 million of financing for our Atlanta Hotel portfolio,” said David Marvin, CEO, Legacy Ventures. “PMZ always provides us with multiple lending options to choose from and helps us select the most appropriate one. In times of financial uncertainty in the markets, we value their input more than ever.”
The 242-room property features an indoor pool, outdoor pool, fitness center, business center and more than 11,283 sq. ft. of meeting space. It is located in Centennial Olympic Park District within a half-mile of State Farm Arena, World of Coca-Cola, the College Football Hall of Fame, Georgia Aquarium, Peachtree Center, Georgia State University and George World Congress.
“Despite the rise in interest rates, our debt platform continues to find interest from lenders seeking to invest in high-quality assets with strong sponsorship,” said Peter Berk, president, PMZ Realty Capital LLC – Hotel Finance Group. “The Hilton Garden Inn perfectly aligns with this criterion and received multiple competitive bids from lenders for both fixed and floating rates.”
