PMZ Realty Capital LLC said July 9 that it completed a $37.5 million bridge loan for the MC Hotel in Montclair.
The 159-room property is part of the Autograph by Marriott collection and is being developed by Montclair-based The Pinnacle Cos. and Morristown-based The Hampshire Cos. Scheduled to open later this summer, the MC is the first full-service hotel built in Montclair since 1938, according to PMZ.
The hotel is the centerpiece of the the town’s $120 million Centroverde mixed-use development. It will feature 8500 square feet of meeting and event space, a rooftop bar with New York skyline views and a farm-to-table restaurant.
“What made this financing unique was that we completed it prior to the hotel’s opening (soft opening July 18, 2019) and returned cash to the sponsor,” PMZ Managing Member Michael Sonnabend said in a statement. “This is a winning outcome for the joint venture between The Pinnacle Cos. and The Hampshire Cos. and the Township of Montclair gains a first class, new hotel.”
The three-year loan has a floating rate tied to LIBOR and was funded by a public mortgage REIT, PMZ said.