SAN MARCOS, TX, July 15, 2022 /PRNewswire/ — Mag Mile Capital announced that mike taylor [email protected] SVP Originations, finalized a loan for $7,475,000 to refinance a four-story, 106-room Holiday Inn Express in the waterfront town of St. Mark. Well positioned within the Austin and San Antonio Highway Corridor, the hotel is a popular destination in an idyllic college town that was declared by Forbes magazine in 2019 as the best place to retire in Texas. Mag Mile Capital is a boutique company that provides nationwide preferred access to highly leveraged, non-recourse commercial real estate bridge loans and permanent mortgages with drawdown for hotels, self storage, multi-family, industrial, retail, office and other commercial. Property.
“This loan presented unique challenges as the sponsor’s previous loan was at a much higher rate and impeded cash flow,” said mike taylor. “And due to the lack of clarity on how to underwrite hotels, as well as a sharp increase in demand patterns since COVID-19, common practice allows lenders, bond investors and rating agencies to rely on 2019 numbers. But in the case of our property and the St. Mark market as a whole, there has been demonstrated sustainable growth. Convincing the lender that this growth was sustainable was crucial to getting them to secure the higher cash flows. Fortunately, this was possible thanks to the research and presentation of the new demand generators for the property.”
Mag Mile Capital: Newly Built Holiday Inn Express
- Address: 105 Bintu Drive; Built in 2016, 106-room hotel on 64,764 square feet with 4,574 square feet of meeting space
- Total loan amount: $7,475,000
- Interest rate: 4.65%
- Amortization: 25 years
- Loan conditions : 5 year term
- Type of lender: Balance sheet lender
- Borrower: Shelter management services
- Closing Date: 06/28/2022
“Getting a loan to buy a hotel is hard enough at the best of times,” Haven Management Services said. “It takes a negotiator who has a lot of experience and an established relationship with the lender. In this case, Mag Mile absolutely went above and beyond the call of duty with impeccable research, building a solid case that ultimately convinced the lender to fund this deal.We are extremely pleased with by Mike Taylor work and he will be our first phone call for any future funding opportunities.”
About Mag Mile Capital – Turning Relationships Into Closings Since 1991
Mag Mile Capital is a full-service commercial real estate mortgage banking company headquartered in Chicago with offices at New York, Massachusetts, Connecticut, Florida, Texas, Michigan, Coloradoand 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 across the capital stack and in all major asset classes. nationally active.
Offering preferred access to best-in-class structured debt and equity advisory solutions and investments for real estate investors, developers and entrepreneurs, Mag Mile Capital operates a wide variety of lending relationships and fund connections own as a leading real estate mortgage banker. Learn more about: www.MagMileCapital.com.
Samantha L. RiveraOperations Coordinator
SOURCE Mag Mile Capital