KING OF PRUSSIA, PENNSYLVANIA PMZ Realty Capital has secured a US$13 million construction loan for Sheraton Valley Forge, a new hotel being developed in suburban Philadelphia.
The hotel will contain 185 guestrooms and 20,000 sq. ft. of meeting space. The financing was provided by a regional bank.
“The lender that provided this financing was attracted to the experience and strength of the borrower and the attractive cost basis of the deal. There were several lenders that competed to win this financing,” says Michael Sonnabend, managing partner of PMZ Realty Capital. “While there is not an abundance of capital for new construction, we have completed several construction loans recently, and capital is returning to the marketplace.”