Pinnacle, Hampshire nab $38M bridge loan for new Montclair hotel

New York-based PMZ Realty Capital secured a bridge loan for $37.5 million for the MC Hotel in Montclair, NJBIZ reported. The financial services firm represented developers Pinnacle Companies and the Hampshire Companies in a deal that will fund the joint venture’s 159-room hotel in Montclair. Earlier this year, Hampshire and Pinnacle were chosen to redevelop Montclair’s Lackawanna Plaza. The MC Hotel, which will be part of Marriott’s Autograph Collection, is the first full-service hotel to be developed in Montclair since 1938. (The George, a 32-room boutique hotel, opened its doors last year.) RE-NJ reported that the bridge loan was provided by a public mortgage REIT and was structured at a LIBOR-pegged interest rate with a three-year tenor. The latest bridge loan, which closed on July 9, is the second loan PMZ has sourced for the hotel. Hampshire said in a 2015 press releasethat U.S. Bank also provided construction financing for the project. Pinnacle and Hampshire’s MC Hotel includes a rooftop bar and lounge, 8,500 square feet of venue space, a farm-to-table restaurant and a lobby library. The MC Hotel is also part of a $120 million mixed-use collective known as Centro Verde, which encompasses the Montclair Center Gateway Redevelopment Plan. Aparium Hotel Group has been tapped by the developers to manage the MC Hotel. [NJBIZ]