Mag Mile Capital, Inc. has closed $9.75 million in cash-out CMBS financing for the Holiday Inn at Indianapolis Airport, a hotel located at 8555 Stansted Drive in Indianapolis, Indiana.
The financing was structured with a 60% loan-to-value ratio, a 5-year loan term, and a 30-year amortization schedule. The CMBS loan was funded by a large New York based non-bank lender.
Rushi Shah, Chairman and CEO of Mag Mile spearheaded the transaction along with support from Prabhat Jayara, Senior Vice President of Originations. “This deal was noteworthy as we were able to return capital to the sponsor after the deep value that they had added to the asset,” said Jayara.
“Our clients here purchased a Ramada Inn by Wyndham and converted to Holiday Inn by Intercontinental Hotel Group, seasoned the asset, and then put a permanent loan while recycling the capital for further growth,” added Mag Mile Rushi Shah, Chairman and CEO.
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