NEW YORK, NY – July 9, 2019 – 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.
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 highly specialized with the singular goal of creating the most advantageous capital structure for their clients. PMZ Realty Capital LLC is a national leader in hospitality financing focusing on debt and equity financing, note sales, joint ventures, recapitalizations and real estate advisory services.
For more information about PMZ Realty Capital LLC or to contact the firm to finance your next hotel, contact Michael Sonnabend, Managing Member, PMZ Realty Capital LLC at (212) 277-8252.
About The Pinnacle Companies
The Pinnacle Companies is a Montclair, NJ based privately-held, regional real estate development firm. Pinnacle is a developer of residential, commercial and retail properties with a geographic focus on New Jersey, New York, Connecticut and Florida. Pinnacle Communities was founded in 1984 by Brian M. Stolar. The Pinnacle Companies, LLC worked with the Township of Montclair to create the Montclair Center Gateway Redevelopment Plan, known as CentroVerde, which includes The MC Hotel and the mixed-use Valley & Bloom project.
About The Hampshire Companies
The Hampshire Companies is a privately-held, fully integrated real estate operating company and private equity real estate investment fund manager that has over 50 years of hands-on, cycle-tested experience in acquiring, developing, leasing, repositioning, managing, financing and disposing of real estate. Presently, Hampshire is the sponsor of more than $1 billion in equity under management in various commingled, fully-discretionary real estate investment funds, with an overall aggregate value of approximately $2.5 billion. The Hampshire Companies is headquartered in Morristown, New Jersey. Hampshire currently owns and operates a diversified portfolio of 259 properties across the country totaling over 23.2 million square feet.