NATIONAL REPORT—Mag Mile Capital, Square Mile Capital, Madison Realty Capital and Axilla Capital have recently made deals. Here’s a look at recent transactions:
$12.6M CMBS Loan Completed for Holiday Inn Express in TN
Mag Mile Capital has completed a $12.6 million non-recourse, CMBS loan on behalf of Milhap Hotels, an affiliate of Triumph Management, for a Holiday Inn Express located in Antioch, TN. Mag Mile Capital secured a 10-year fixed rate, non-recourse CMBS loan with a 30-year amortization. The refinance loan, provided by CIBC, afforded the borrower cash-out beyond their cost basis. The loan also enabled the borrower to recapture equity to utilize toward future growth.
Square Mile Capital Originates $80M Loan for Manhattan Hotel
Square Mile Capital Management has originated an $80 million loan to refinance the Arlo NoMad. The financing was provided to a joint venture consisting of Simon Baron Development Group, Quadrum Global, KSNY, and Eagle Point Hotel Partners. The transaction was arranged by Ayush Kapahi of HKS Real Estate Advisors.
$72M First Mortgage Loan Secured for Development in FL
Madison Realty Capital has provided a $72 million first mortgage loan to Menin Development collateralized by a hotel development and adjacent retail center site located at 241 & 247 NE 2nd Ave. in Delray Beach, FL.
Axilla Capital Closes $12M Cash-Out Refi for the Fairfield in DE
Axilla Capital has closed a $12-million CMBS loan to refinance the Fairfield Inn & Suites located in Rehoboth Beach, DE. Managing Principal Joel Mazur and Associate Director Tom Fleming represented the borrower in the transaction and secured the financing with one of Axilla’s preferred conduit lenders.
