Dec 1, 2022 - Mag Mile Capital recently acted as the mortgage broker for six new assets secured by their client the HKB Hotel Group, assets that were originated by the Chicago Office by Rushi Shah (Principal and CEO) and Prabhat Jayara.
These new assets are in some of the hottest real estate markets in the United States, including Georgia, North Carolina, Texas, South Carolina, Virginia, and Kansas. All together this new incredible growth market opportunity in the hospitality property space encompasses 754 keys – a major acquisition by HKB, and exactly the kind of acquisition that Mag Mile Capital streamlines for their clients.
Several unique features were negotiated as part of this deal, including shorter interest rate caps throughout the duration of the loan term, zero exit fees on a number of selected assets (so long as an exit is completed within 12 months), and a two-tier funding structure negotiated by Mag Mile to avoid any negative carrying on PIP funding.
Rushi Shah and Prabhat Jayara did an excellent job on this deal, helping to make sure that the deal was done with 75% leverage – not exactly the most common thing to be done in market conditions like the ones we are currently seeing.
The deal officially closed on October 31 of 2022 but was many months in the making. These hospitality properties (six individual assets, all of which were previously Hyatt High Placed flag assets) are going to be a major part of the HKB Hotel Group portfolio.
Deals like these are common for clients working with Mag Mile Capital, even as the broader commercial real estate market throughout the United States starts to cool down a bit. It just shows how successful the experts at Mag Mile Capital are at finding these deals, negotiating these deals, and executing these deals for their clients, too.
The track record of success Mag Mile Capital has with these types of deals has helped them build the sterling silver reputation they enjoy in the Chicago real estate world today.
Mag Mile Capital is one of the premier boutique real estate investment firms in the US today. Specializing in high leverage, nonrecourse, and commercial real estate loans (especially bridge loans) as well as permanent mortgages with great cash out deals for hotels and self-storage, multi family, industrial, and office properties, too.
For more information about this new acquisition, as well as more information about Mag Mile Capital, contact them directly with all inquiries. They can be reached on their website, social media, and on the phone at 1-847-722-9192.
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Company Name: Mag Mile Capital
Contact Person: Prabhat Jayara
Email: Send Email
Phone: 630.877.2528
Country: United States
Website: https://www.magmilecapital.com/news-blog/
