PCCP PROVIDES $57.5M IN LOANS TO RECAPITALIZE TWO HOTELS

EAST RUTHERFORD AND EDISON, N.J. — PCCP has provided two senior loans totaling $57.5 million to a private East Coast-based real estate firm for the recapitalization of two New Jersey hotels. The hotels include the Hilton Meadowlands in East Rutherford and the Sheraton Edison in Edison. 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. The company 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 more than 13 million square feet of industrial and office space.