CHICAGO – Mag Mile Capital is pleased to announce the firm has arranged financing for three hotel properties including a Holiday Inn Express in South Carolina, a Hampton Inn & Suites in California, and a IHG Select Service Hotel also in California. The loans were originated by Associate Vice President Suraj Desai and serviced and closed by Ian Carlos, Mac Dobson and Heather Madsen, respectively.
In the first transaction, Mag Mile Capital completed a $7,250,000 CMBS, non-recourse loan for the Holiday Inn Express, located at 722 US-17 in North Myrtle Beach, South Carolina. The 79-key property features a nearby marina and is located in the popular resort destination area of Myrtle Beach. The transaction provided cash out, enabling the Borrower to make capital improvements toward their upcoming property improvement plan (PIP).
“From the moment Suraj called me, I felt comfortable despite not knowing him or Mag Mile Capital. Suraj was honest with me, informative, and answered all my questions in a way I could easily understand,” said Borrower Sachin Patel. “Additionally, Ian was prompt, professional and courteous throughout the servicing process. He too was patient and answered all of my questions along the way, while continuing to keep the ball rolling in order to close efficiently. There were no surprises in the process and I look forward to working with Mag Mile Capital on future endeavors.”
Mag Mile Capital also orchestrated a $15,100,000 construction loan for a new Hampton Inn & Suites to be located off of exit 172 on route 101 in Santa Maria, California. The planned 110-key hotel was financed through an SBA 504 loan and is slated to begin construction in October 2018. The loan featured an 80% loan-to-cost ratio.
“It was challenging to source a lender willing to finance such a large project,” said the Borrower, Nilesh Patel of Ishwar Realty. “Yet, Suraj and Mac found us a deal with more favorable terms than we had anticipated. They also walked us through the entire SBA process, which was a first for us, and made our plans to build the hotel a reality.”
Also, in California, located near Yosemite National Park, Mag Mile Capital closed a $9,700,000 non-recourse CMBS loan for an IHG Select Service Hotel. The Borrower will use the funds for future investments and to complete the current PIP.
About Mag Mile Capital
Chicago-based Mag Mile Capital is a full-service. commercial real estate mortgage and investment banking firm. The boutique firm offers preferred access to best-in-class debt placement, equity arrangement, tax credit syndication, real estate brokerage and advisory through a high-touch, disciplined approach that leverages its extensive lending relationships and deep-rooted client and equity sponsors. During the past 27 years, team members have collectively funded over $8.5 billion in debt, equity, tax credit and mezzanine financing for hotel, multifamily, office, retail, industrial, healthcare, self-storage and special purpose properties throughout the United States, Caribbean and Europe. For more information please visit www.magmilecapital.com.