NEW YORK, New York—PMZ Realty Capital LLC introduced that it has closed a $12 million bridge mortgage for the Hilton Backyard Inn Bel Air, situated in Bel Air, Maryland. The financing was secured by a non-public lender and marks the second transaction PMZ has executed for a similar shopper this yr.
The Hilton Backyard Inn Bel Air opened in 2022, throughout the pandemic, and continues to ramp up its operations. This new bridge mortgage replaces a previous facility with the next rate of interest, offering the borrower with important rate of interest financial savings whereas additionally providing enhanced flexibility by way of prepayment. The construction is designed to help the lodge’s ongoing development.
“This transaction delivers significant rate of interest financial savings and gives the borrower with the flexibleness they want because the property continues to ramp up,” stated Peter Berk, president of PMZ Realty Capital LLC—Lodge Finance Group. “Closing two financings for a similar shopper in a single yr highlights our skill to construct lasting relationships and construction inventive options that meet each borrower and lender targets.”
The 83-room Hilton Backyard Inn Bel Air features a heated indoor pool, health middle, complimentary Wi-Fi, free parking, EV charging stations, the Backyard Grill & Bar, and a pair of,200 sq. ft of versatile assembly and occasion house. The property is situated off I-95, close to Aberdeen Proving Floor, Phillips Military Airfield, Cedar Lane Regional Park, Leidos Subject at Ripken Stadium, and Downtown Bel Air.
