Chicago-based Mag Mile Capital, Inc. has closed $14.5 million in CMBS financing for the Marriott Rochester Airport, a hotel located in Rochester, New York.
The financing was structured with a 65% loan-to-value ratio, a five-year loan term, and a 30-year amortization schedule with two years of interest only. The CMBS loan was funded by a large New York-based investment bank. Prabhat Jayara, Vice President of Originations, spearheaded the transaction.
“CMBS lending markets are open and taking the lion’s share of loan maturities that are coming up in the commercial real estate market, said Rushi Shah, Chairman and CEO of Mag Mile. “Additionally, many hospitality assets have COVID-era deferred maintenance and Property Improvement Plans to keep up with their brand standards. CMBS loans are filling this important void for the assets that need funding for deferred maintenance.”
The post Mag Mile Capital Secures $15M in Financing for Marriott Rochester Airport appeared first on Connect CRE.
