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Mag Mile Capital Completes A $5.5 Million Hotel Loan In Texas

Thursday, November 21, 2019
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CHICAGO–Mag Mile Capital is pleased to announce that Principal and CEO Rushi Shah and Vice President Prabhat Jayara have closed a $5,500,000 non-recourse, 10-year fixed rate CMBS loan for the Fairfield Inn & Suites by Marriott in Fredericksburg, Texas. Located at 513 Friendship Lane, the three-story Fairfield Inn features 78 rooms and was an acquisition loan for the borrower featuring an interest in the low 4% range and 30-year amortization.

“Fredericksburg, Texas is a beautiful wine region of Texas. This particular acquisition was a 1031 exchange purchase and we were working under a strict time pressure to close this deal,” said Shah. “During the closing process we faced a number of challenges, including a drop in the cash flows, and a discovery of last minute liens on the borrowing entity. However, we worked with the borrower’s counsel and the lender and thanks to our long-standing relationship with the lender, we were able to get this deal through to the finish line.”

With a client that’s new to non-bank financing, it’s important for Mag Mile Capital that we connect them to the right attorney, lender, and overall deal team to ensure a timely, collaborative, and win-win outcome for all parties. We were able to do that here. This asset will be a great addition to the Sponsorship’s growing portfolio of hotels and other commercial real estate. With significant operational upside in the deal, the Sponsorship is set to capture this upside knowing their financing costs are fixed for 10 years.
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