Mag Mile Capital Closes $14.5 Million Financing for Marriott
Securing Strong Financing for Marriott Rochester Airport
Mag Mile Capital, Inc. (OTCQB: MMCP) is excited to announce a significant achievement as they successfully closed $14.5 million in CMBS financing for the Marriott Rochester Airport. This premium hotel, located in a strategic area, is now positioned for enhanced financial vitality.
Financing Structure and Benefits
The financing was arranged with a 65% loan-to-value ratio, providing a robust support system for the property. The loan comes with a five-year term and includes a 30-year amortization schedule, featuring the advantage of two years of interest-only payments. This structure is specifically designed to mitigate risk during transitional periods.
Strategic Insights from Leadership
Prabhat Jayara, the Vice President of Originations at Mag Mile, played a pivotal role in this transaction. He stated, "This deal stands out as it allows us to allocate $3 million for a Property Improvement Plan (PIP), ensuring the asset remains competitive in the market for years to come." The interest-only period provides necessary breathing room amidst renovations, illustrating a thoughtful approach to the financing process.
Impact on the Market
Rushi Shah, Chairman and CEO, emphasized the importance of CMBS lending in today's market, stating, "CMBS lending is essential, especially as various hospitality properties address maintenance needs that arose during the challenging COVID-19 period. We are here to support those owners and developers, helping them maintain their properties and financial stability." This perspective highlights Mag Mile Capital's commitment to being a key player in the commercial real estate landscape.
Mag Mile Capital's Commitment to Clients
As a boutique commercial real estate mortgage banking firm headquartered in Chicago, Mag Mile Capital is dedicated to offering tailored financing solutions that meet the unique needs of each client. Their extensive lender relationships empower them to provide high-leverage, non-recourse loans across various property types, affirming their position as a vital intermediary in the industry.
Community and Social Media Engagement
In addition to their financing capabilities, Mag Mile Capital values community engagement. They encourage interested parties to connect via social media platforms such as Facebook, Twitter, LinkedIn, and Instagram to keep updated on their latest ventures and accomplishments.
About Mag Mile Capital
Founded in 1991, Mag Mile Capital has built a strong reputation in the commercial real estate industry. The company specializes in real estate financing initiatives, covering everything from bridge loans to permanent mortgages. With experience exceeding $9 billion in closed transactions, Mag Mile leverages extensive industry knowledge to assist clients across all major real estate asset classes.
With its comprehensive grasp of market dynamics, Mag Mile Capital stands poised to navigate the future of commercial real estate financing effectively, continuing to support clients in achieving their investment goals.
Frequently Asked Questions
What is CMBS financing?
CMBS financing refers to commercial mortgage-backed securities, which are investment products backed by mortgage loans on commercial properties.
Why is the Marriott Rochester Airport significant?
The Marriott Rochester Airport is a major hotel brand that plays a key role in the hospitality sector, especially in enhancing the local economy.
What does the loan structure entail?
The loan includes a 65% loan-to-value ratio with a five-year term and two years of interest-only payments, providing financial flexibility during renovations.
Who led the financing transaction?
Prabhat Jayara, Vice President of Originations at Mag Mile Capital, was instrumental in leading this successful financing transaction.
How can I learn more about Mag Mile Capital?
You can visit their official website or follow them on social media to stay updated on their latest news and projects.
About The Author
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