Tuesday April 29th, 2014 - 9:00AM
ATLANTA—PMZ Realty Capital, LLC, obtained an $81.5 million floating-rate loan for the Embassy Suites Atlanta at Centennial Olympic Park, a 321-suite hotel featuring more than 16,000 sq. ft. in meeting space.
The property will become the third loan PMZ Realty Capital LLC has closed for hotel owners, Legacy Property Group, in the last six months.
“This particular financing opportunity was interesting for PMZ due to the nature of the loan. We secured a floating-rate loan versus a fixed-rate loan so the owners, Legacy Property Group, could invest in substantial property improvement plans (PIP) and an upgrade of the property over the next 12 months with the flexibility that a floating-rate loan allows for renovations and future fundings,” stated Peter Berk, President, PMZ Realty Capital-Hotel Finance Group. “We consider this to be a major victory due to the sheer size of the loan and the improvements that will be made to the property benefitting the vibrant city of Atlanta.”
Commented David Martin, founder and president, Legacy Property Group, “As a longtime supporter of Atlanta and the resurgence of [its] downtown market and the Luckie Marietta District, it’s especially significant to continue to revitalize this area. This upgrade helps us continue down that path and invest in the future of the city.”
The Embassy Suites Atlanta at Centennial Olympic Park is eight miles from the Hartsfield-Jackson Atlanta International Airport and adjacent Georgia Aquarium and the World of Coca-Cola in the Luckie Marietta District.