CMC HOTELS OF Cary, North Carolina, has obtained an $11 million loan to finance future growth on its Fairfield Inn & Suites by Marriott Raleigh Cary. Boutique real estate investment banking firm PMZ Realty Capital arranged the loan.
CMC Hotels operates under President Shahn Chhabra.
The 108-room, five story Fairfield Inn & Suites opened in 2017 near North Carolina State University, Cary Towne Center and North Carolina State Fairgrounds. In May of 2018, a U.S. Census Bureau report showed that the Raleigh-Cary metro area saw an 18.1 percent increase in population from 2010 to 2017, the second highest growth rate in the United States, according to PMZ President Peter Berk.
CMC Hotels took out a 10-year, non-recourse CMBS loan with 30-year amortization and plans to keep the investment in the area, Berk said.
“This financing allows CMC Hotels to continue their expansion plans in this fast growing region of the country,” he said.
Chhabra said CMC Hotels has worked with PMZ for more than 15 years.
“PMZ obtained a great piece of long-term debt on the Fairfield property,” he said.
We are committed to North Carolina and this expanding region and this financing gives us the financial flexibility to focus on a new project in the future.”
In March PMZ facilitated $35 million in refinancing for Dayton, Ohio-based Middletown Management on three of its properties. Har Bhatnager is president and CEO of Middletown Management.