PMZ Realty Capital arranges financing for two properties
PMZ Realty Capital LLC, a national boutique real estate investment banking firm focused on creating advantageous capital structures for its clients, recently arranged $70 million in joint venture equity and debt financing to recapitalize two properties in the Rio Partners portfolio. The hotels are the Holiday Inn Express Charleston Downtown—Medical Center in Charleston, SC and The Partridge Inn Augusta, Curio Collection by Hilton located in Augusta, GA. The proceeds from the two separate transactions were used to pay off existing debt and upgrade the properties.
“The strength of our diverse relationships with a multitude of capital sources allowed us to source equity capital from two private equity funds, one of which is new to investing in hospitality as well as debt from two separate debt funds,” said Michael H. Sonnabend, managing member, PMZ Realty Capital. “Rio Partners was able to complete a total recapitalization on both assets which will allow them to be better prepared for the return to pre-pandemic business levels.”
The 153-room Partridge Inn is in the district of Summerville with downtown Augusta, the medical and education community and Fort Gordon nearby. The property is less than two miles from Daniel Field Private Airport and 10 miles from Augusta Regional Airport. Georgia’s second-oldest city is known for the Masters golf tournament.
The 150-room Holiday Inn Express Charleston Downtown—Medical Center is a short distance from Historic Charleston. Also nearby are the Charleston Farmers Market; Folly Beach; The Citadel—Johnson Hagood Stadium; Boone Hall Plantation and Gardens; and the South Carolina Aquarium. It is 12 miles from the Charleston International Airport.