New Jersey - PCCP, LLC announced today it has provided two senior loans to a private, East Coast-based real estate firm totaling $57.5 million for the recapitalization of two New Jersey hotels. The hotels include the Hilton Meadowlands in East Rutherford and the Sheraton Edison in Edison.
“These loans are supported by institutional quality assets with strong in-place cash flow and significant upside potential,” said Kevin Chin, vice president with PCCP, LLC.
PCCP provided a $41 million loan for the recapitalization and repositioning of the Hilton Meadowlands & Conference Center (formerly the Sheraton Meadowlands), a 427-room full-service hotel located less than a mile from MetLife Stadium (the site of the 2014 Super Bowl) and just six miles west of Manhattan. The hotel was acquired in 2005, underwent a $17 million renovation in 2006, was reflagged as a Hilton Hotel in conjunction with the closing of the PCCP loan, and will undergo a significant property improvement plan following the Super Bowl.
PCCP also provided a $16.5 million loan to refinance an existing senior loan on the Sheraton Edison, a 276‐room full-service hotel located within the Raritan Center corporate park in Edison, which is made up of nearly 350 companies and over 13 million square feet of flex/industrial/office space. The hotel is also less than 1.5 miles from the 125,000-square-foot New Jersey Convention & Exposition Center and is well positioned at the confluence of the New Jersey Turnpike, I‐287, and the Garden State Parkway. The property was acquired in 2007 and underwent an extensive $20 million renovation in 2008.
PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has over $6 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Sacramento and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns. PCCP has invested more than $6.5 billion throughout the United States and continues to seek investment opportunities with proven operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.