Mag Mile Capital Secures $8.6 Million Loan for Hotel in Historic Downtown Baltimore – Birthplace of Literary Legend and Home of Major League Baseball’s Orioles
BALTIMORE, June 27, 2022 /PRNewswire/ — Mag Mile Capital happily announced that agent Francisco Nacorda recently closed a loan for a 250-room Days Inn situated in downtown Baltimore, with ample access to the city’s thriving historic districts like the grave and former home of Edgar Allan Poe, Oriole Park at Camden Yards, and the sprawling waterfront district of Baltimore’s Inner Harbor. Mag Mile Capital is a boutique-sized firm that offers 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.
“It’s always a delight to help a client secure property in a place like Baltimore,” said Nacorda. “The hotel is beautiful, well appointed, and has a lot of appeal for businesses, traveling executives, history buffs, sports fans, and vacationing families. Baltimore is perhaps best known as a major stop for those doing an Edgar Allan Poe tour of New England, but is also a thriving hub of American industry, history, art, medicine, and boasts a fine dining and shopping district as well. A hotel here is a fantastic investment, easily serving as a crown jewel for any real estate investor.”
- Address: 100 Hopkins Place, Baltimore.
- Total Loan Amount: $8,600,000 non-recourse cash out, non-cash flowing asset with major pip
- Interest Rate: 7.99%
- Loan Terms: 3 year fixed, two one-year extensions
- Investor Type: Bridge
- Closing Date: 3/04/2022
“Working with Mag Mile Capital is always a pleasure and the reason why I return to them time and again,” said the buyer. “Closing on any property is a complicated process with a lot of moving parts. And even though big real estate deals are lucrative, they can throw you a lot of curve balls. You need a pro in your corner who has absolutely everything covered behind the scenes. And that’s Mag Mile.”
“I count my association with Mag Mile as one of the difference makers for our company’s success in these difficult times when so many of my colleagues are looking for creative solutions to their capital stack. In our business, we talk about hiring the attitude and teaching the skill; and in this case, we hit a home run on both counts.” –Julian MacQueen, CEO of Innisfree Hotels
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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