NEW YORK—PMZ Realty Capital LLC has arranged a $28-million bridge loan for the Radisson Oakland Airport, Oakland, CA.
The newly reopened 270-room full-service property offers guestrooms with refrigerators and microwaves along with complimentary WiFi, a work desk and ergonomic chair. Each room has a 50-in. flat-screen TV along with free HBO. The bathrooms offer shower/tub combinations, a hairdryer, and lighted vanity mirror.
“The property had been closed for several years and was re-opened in January following a complete renovation. We needed a lender that would recognize the attractive basis of the transaction,” said Michael Sonnabend, managing member, PMZ Realty Capital LLC. “Our extensive relationships enabled us to explain the story and achieve a phenomenal execution for the owner with an attractive floating rate pricing over Libor representing 99% of the total project cost.”
The property is located close to the Oracle Arena and O.co Coliseum and is a two-mile drive from the Oakland International Airport. The hotel is located off Interstate I-880 near the Coliseum BART station, offering access to downtown San Francisco, Silicon Valley and all of the Bay Area.