Mag Mile Capital Closes $8.88 Million Loan for Dual Branded Hotel and Retail Space Located in Scenic Madison N.C. and Historic Fredericksburg, Virginia
CHICAGO, July 8, 2022 /PRNewswire/ — Mag Mile Capital proudly announced that Francisco Nacorda, SVP of Originations, recently finished a combined $8,888,000 loan for two properties in two states: a Clarion Inn with 194 rooms and Comfort Inn with 75 rooms in Fredericksburg; and a retail property of 173,000 sq. ft. in Madison, with 80% of NOI from National and NNN tenants. 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.
“We were happy to be able to finance CapEx for the build-out here, and there were some vacancies,” said Nacorda. “We are also grateful to have a longstanding relationship with this client, who returns to us because they know we have the financial connections and expertise needed to secure this loan. Repeat clients are special to us, as it demonstrates a continued faith and trust in our abilities.”
- Address: 101 New Market Street, Madison, NC (Retail); 2801 Plank Road, Fredericksburg, Virginia (Hotel)
- Total Loan Amount: $8,888,000
- Interest Rate: Prime + 4 (7.25%)
- Amortization: I/O
- Loan Terms: 3 years
- Investor Type: Bridge
- Closing Date: 08/25/2021
“This is an exciting purchase not just for the properties, but also for the locations,” said the client. “Madison is a beautiful small American town with all of the nostalgic charm that implies – baseball fields, parks, river access with kayaking and boating, and it is centrally located near Greensboro and Winston-Salem. Fredericksburg is a popular tourist destination as a nationally recognized Civil War historic site and the childhood home of George Washington. It is easy to see why these properties are both excellent investment opportunities.”
“We have continued to seek the service of Mag Mile Capital owing to their exceptional diligence and ability to resolve issues and remove obstacles. We look forward to continuing to use their expertise and relationships to grow our portfolio.” –Principal of TNB Hotels
“We have found that: 1) knowledge of the multifamily marketplace, 2) the application of creative and conventional financial structures, 3) the ability to break down complex deals into manageable pieces, and 4) to aggressively pursue great solutions have been trademark talents at Mag Mile.” –Rick Cavenaugh, President of Stoneleigh Companies
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