CHICAGO – Mag Mile Capital is pleased to announce that Senior Vice President Francisco Nacorda has completed $15,400,000 in two non-recourse, CMBS loans for hotels located in Orlando, Florida and will be opening the firm’s Orlando office to accommodate the growing demand in the Southeast region.
“We are pleased to announce the grand opening of our new Orlando office, said Nacorda. “Orlando alone saw over 70 million visitors in 2018 and continues to be one of the fastest growing cities in the country. As leading capital market advisors for debt and equity, we feel our office is a great resource for the robust growth in the area, and the new office allows us to leverage our speciality in hospitality, retail, mixed-use and apartments throughout the Southeast. We will continue to add value to our existing clients, as well as forge new relationships with builders, developers and owners throughout the region.”
“Orlando continues to be a strategic market for our firm and opening of this office shows our strong commitment to the market and our support for Nacorda and his clients,” said Rushi Shah, Principal and CEO of Mag Mile Capital.
As the new office located at 121 South Orange Avenue officially opens, the firm announced its most recent transactions in the area. In the first closing, Mag Mile Capital completed an $8,100,000 loan for a 218-room hotel located at 6323 Internatioanl Drive. The 10-year, non-recourse loan features a 25-year amortization and 65% loan-to-value ratio. The loan enabled the borrower to pay off an existing SBA loan as well as take cash out to put toward portfolio growth.
“This transaction was a challenge as it’s a non-flagged hotel and the index rates fell considerably to 25-basis points below the floor,” said Nacorda, “but based on our relationship and history with the lender, we were able to negotiate for some relief on our client’s behalf.”
Mag Mile Capital also completed a $7,300,000 non recourse, CMBS loan for a property located on Canada Avenue next to I-Drive. The 130-room hotel is an independent property for which the borrower was seeking cash-out and maximum leverage. The loan features a 30-year amortization rate and a loan-to-value ratio of 67%.
“We were able to close this deal smoothly with Deutsche Bank due to our close relationship with P.J. DiConzo. His team ran an effective process to get the most favorable outcome for our clients,” added Shah.
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 and the Caribbean. For more information please visit www.magmilecapital.com.