PMZ Realty Capital LLC announced today that it arranged acquisition financing for the Courtyard by Marriott Austin – University Area located in Austin, Texas. The $20.75M 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 Courtyard by Marriott Austin-University Area features 186 guestrooms, twelve suites, two meeting rooms totaling 1,342 square feet of meeting space, and a fitness center, business center, and pool. It is located on I-35 and Route 290 directly across from Dell Children’s Hospital and a few miles north of downtown Austin, Texas.
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