CHICAGO – Mag Mile Capital is pleased to announce that Senior Vice President Francisco Nacorda has completed a $12,600,000 non-recourse, CMBS loan on behalf of Milhap Hotels, an affiliate of Triumph Management, for a Holiday Inn Express located in Antioch, Tennessee.
Located at 201 Crossings Place in Antioch, a southeast suburb of Nashville, the Holiday Inn Express is a 118-room hotel in a strong market with a significant amount of new supply coming available.
“The amount of new hotels coming to the Nashville market has lenders cautious,” said Nacorda, “but given the continued strong demand for rooms in the booming tourist market, and our history working with qualified borrowers, we were able to structure a loan that accommodated for the mid-term franchise agreement expiration in a way that made the lender comfortable and didn’t require the borrower to reserve an unreasonable amount of funds.”
Mag Mile Capital secured a 10-year fixed rate, non-recourse CMBS loan with a 30-year amortization. The refinance loan, provided by CIBC, afforded the borrower cash-out beyond their cost basis. The loan also enabled the borrower to recapture equity to utilize toward future growth.
“It is always a pleasure working with the Mag Mile Capital team,” said Greg Newman of CIBC. “We were thrilled to complete this deal and look forward to working together again.”
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.