CHICAGO – Mag Mile Capital is pleased to announce that Principal and CEO Rushi Shah and Vice President Prabhat Jayara have completed a $5,350,000 non-recourse, CMBS loan on behalf of Trivedi Hospitality, for Courtyard by Marriott hotel located in Indianapolis, Indiana.
Located at 4650 Southport Crossing Drive, the hotel features 83 rooms and is located in southeast Indianapolis with immediate access to Interstate 65. The Borrower used the funds to acquire the hotel and reserve approximately $1 million for furniture, fixtures and equipment.
“Rushi, Prabhat and the entire Mag Mile team was a breeze to work with. We could not have done this deal without their expertise and savvy deal-making skills,” said Nick Trivedi of Trivedi Hospitality. “Rushi’s relationship with the lender helped us overcome some challenges that came up late in the deal. I have no doubt we will work on more transactions with Mag Mile in the future.”
Mag Mile Capital secured the 10-year fixed rate, non-recourse loan with a 30-year amortization. The loan was provided by Rialto Mortgage Finance.
“Trivedi is a well-known name when it comes to institutional hospitality ownership in Chicago,” said Rushi Shah, Principal and CEO of Mag Mile Capital. “Having long-trusted our team, they came to us with this transaction to expand their portfolio in the rapidly growing market of Indianapolis. We maneuvered through multiple challenges to help them acquire this property and were able to convince the lender to close the loan at a higher amount than was signed at the outset without changing the interest rate.”
“This was a classic win-win for all parties,” added Jayara, Vice President. “We were able to creatively structure funding to minimize the borrower’s cash to close, all while managing a tight closing timeline heading into the Labor Day weekend. It was a pleasure to work with everyone involved to make this a success.”
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.