Mag Mile Capital Closes $5.78 Million Loan for Hampton Inn Hilton in the Great Crossroads City of Texarkana, Arkansas
CHICAGO , April 12, 2022 /PRNewswire/ — Mag Mile Capital is pleased to announce that Rushi Shah, Principal and CEO, and Prabhat Jayara, VP and Head of Underwriting/Senior Originator completed a $5,785,000 loan to help a client refinance the 89-room Hampton Inn Hilton located in Texarkana, Arkansas – a historic city and outdoor-fun hub that sits at the crossroads of four U.S. states. The Hampton Inn Hilton is located along the I-30 Corridor from Houston through Texarkana. The state of Texas adds approximately 1,000 people per day, and as it does, those people demand more goods and services, which directly benefits the property. Since 1991, Mag Mile Capital’s boutique-sized firm has offered preferred access nationwide to high-leverage, non-recourse, commercial real estate bridge loans and permanent mortgages with cash out for hotels, self-storage, multifamily, industrial, retail, office, and other commercial real estate properties.
“This loan was challenging because the borrower was facing a maturity and we had a huge timing constraint,” said Rushi Shah. “Additionally, this was one of the first hotel deals to be closed in the CMBS market since the pandemic, so there were few current data points to guide the underwriting process. Our time and diligent research paid off however, and we were able to convince the lender, investors, and rating agencies that this hotel’s higher than pre-Covid cashflow was sustainable.”
Mag Mile Capital: 89 Room Hotel in Historic Texarkana
- Address: 5302 Crossroads Parkway, Texarkana, Arkansas
- Total Loan Amount: $5,785,000
- Interest Rate: 5.308%
- Amortization: 30 years
- Loan Terms: 10-year term cash out refinance with PIP reserve
- Investor Type: Regional hotel owner/operator
- Closing Date: February 2, 2022
“Can do Attitude, Hard work, Persistence and Industry knowledge – makes Mag Mile a True Partner.”
Mag Mile Capital: Past Client Testimonials
“I value Rushi Shah’s in-depth knowledge of the financing market. He has always been able to quickly and efficiently close on our loans. I would wholeheartedly recommend him to other hotel owners and look forward to working with him and his firm again.” –Ken Patel, CEO of A&R Hospitality
“We liked Mag Mile because they seemed like very honest, hardworking guys, and they weren’t just thinking of their fee. And they didn’t give up, which was key … I really can’t say enough good things.” –Musa Tadros, CEO, Crown Properties
About Mag Mile Capital – Turning Relationships Into Closings Since 1991
Mag Mile Capital is a full-service commercial real estate mortgage banking firm headquartered in Chicago with offices in New York, Massachusetts, Connecticut, Florida, Texas, Michigan, Colorado, and Nevada. Mag Mile Capital is a national platform comprised of talented capital markets advisors with extensive experience in real estate debt placement and equity arrangement throughout the full capital stack and across all major asset classes nationwide.
Offering preferred access to premier structured debt and equity advisory solutions and placement for real estate investors, developers, and entrepreneurs, Mag Mile Capital leverages a wide variety of lending relationships and equity capital connections as a leading American real estate mortgage facilitator. Learn more at: www.MagMileCapital.com.
Samantha L. Rivera, Operations Coordinator
(312) 640-7426, email@example.com