Business
Mag Mile Capital Secures $14.5 Million CMBS Financing for Marriott Rochester Airport
Mag Mile Capital Secures $14.5 Million CMBS Financing for Marriott Rochester Airport.
About this update from Mag Mile Capital Inc.
[{"type":"text","content":"\n Chicago, Illinois, March 26, 2025 (GLOBE NEWSWIRE) -- Mag Mile Capital, Inc. (OTCQB: MMCP) (\"Mag Mile\", or the \"Company\") is pleased to announce the successful closing of $14.5 million in CMBS financing for the Marriott Rochester Airport, a premium hotel located in Rochester, New York. The financing was structured with a 65% loan-to-value (LTV) ratio, a 5-year loan term, and a 30-year amortization schedule with 2 years of interest only. The non-recourse loan closed on March 12, 2025. The CMBS loan was funded by a large New York based investment bank that is one of Mag Mile Capital’s premier relationships in the capital markets. Prabhat Jayara, Vice President of Originations, spearheaded the transaction. This strategic financing enhances the property's long-term financial stability, enabling ownership to maximize cash flow and uphold operational excellence in the expanding Rochester market. “This deal was noteworthy for many reasons. We were able to set aside funds for a $3 million PIP that will secure the asset's position within its competitive set for years to come.” Prabhat Jayara said. “The two years of interest-only will provide some buffer in case of minor disruption during the renovation. We also were able to reward the Sponsor for improving the asset's cash flow by providing a cash out in addition to the funds to complete PIP” says Prabhat. Rushi Shah, Chairman and CEO commented on the closing: “CMBS lending markets are open and taking lions’ share of loan maturities that are coming up in the commercial real estate market. Additionally, many hospitality assets have COVID-era deferred maintenance and Property Improvement Plans (also known as PIPs’) to keep up with their brand standards. CMBS loans are filling this important void for the assets that need funding for deferred maintenance. Mag Mile Capital is at front and center to help these owners, developers, and borrowers finance their assets.” Mag Mile Capital remains committed to delivering tailored financing solutions across the hospitality sector and beyond, leveraging its extensive lender relationships and innovative capital strategies. Deal: Marriott Rochester Airport Location: Rochester, NY Financing type: CMBS Loan Amount: $14,500,000 LTV: 65% Loan Term: 5 Years Amortization: 2 years Interest-only; 30 Ye...