Mag Mile Capital completes $5.78 million loan for Hampton Inn Hilton in major hub city of Texarkana, Arkansas
CHICAGO , April 12, 2022 /PRNewswire/ — Mag Mile Capital is pleased to announce that Rushi ShahDirector and Chief Executive Officer, and Prabhat Jayara, Vice President and Chief Underwriting Officer/Lead Offeror completed a $5,785,000 loan to help a client refinance the 89-room Hampton Inn Hilton located in Texarkana, Arkansas – a historic city and outdoor recreation center located at the crossroads of four US states. The Hampton Inn Hilton is located along the I-30 corridor from Houston by Texarkana. The state of Texas adds about 1,000 people per day, and in doing so, these people demand more goods and services, which directly benefits the property. Since 1991, Mag Mile Capital’s boutique-sized firm has provided preferred nationwide access to highly leveraged, non-recourse commercial real estate bridge loans and permanent mortgages with drawdowns for hotels, self-storage, multi-family, industrial, retail, office, and other commercial real estate.
“This loan was difficult because the borrower was facing a deadline and we had a huge time constraint,” said Rushi Shah. “Additionally, this was one of the first hotel deals to close on the CMBS market since the pandemic, so there were few current data points to guide the underwriting process. Our time and diligent research paid off, however, and we were able to convince the lender, investors and rating agencies that this hotel’s higher than pre-Covid cash flow was sustainable.”
Mag Mile Capital: 89-room hotel in historic Texarkana
- Address: 5302 Carrefour Drive, Texarkana, Arkansas
- Total loan amount: $5,785,000
- Interest rate: 5.308%
- Amortization: 30 years
- Loan conditions : 10-year cash refinancing with PIP reserve
- Type of investor: Regional hotel owner/operator
- Closing Date: February 2, 2022
“Can show attitude, hard work, perseverance and industry knowledge – makes Mag Mile a true partner.”
Mag Mile Capital: Testimonials from former clients
” I appreciate At Rushi Shah in-depth knowledge of the financing market. He has always been able to close our loans quickly and efficiently. I would wholeheartedly recommend him to other hotel owners and look forward to working with him and his company again.” –Ken Patel, CEO of A&R Hospitality
“We liked Mag Mile because they seemed like very honest, hardworking guys, and they weren’t just thinking about their fees. And they didn’t give up, which was key…I really can’t say enough good things.” –Musa Tadros, CEO, Crown Properties
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 leverages a wide variety of lending relationships and connections. as the leading U.S. real estate mortgage lending facilitator. Learn more about: www.MagMileCapital.com.
Samantha L. RiveraOperations Coordinator
(312) 640-7426, [email protected]
SOURCE Mag Mile Capital