Mag Mile Capital Secures $9.75M Financing for Holiday Inn at Indianapolis Airport
Mag Mile Capital, Inc. has successfully closed $9.75 million in cash-out CMBS (Commercial Mortgage-Backed Securities) financing for the Holiday Inn located at Indianapolis Airport. The hotel is situated at 8555 Stansted Drive in Indianapolis, Indiana.
The financing was structured with a 60% loan-to-value ratio, a 5-year term, and a 30-year amortization schedule. The loan was funded by a large non-bank lender based in New York.
The deal was spearheaded by Rushi Shah, Chairman and CEO of Mag Mile Capital, 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 they had added to the asset,” said Jayara.
Shah added, “Our clients initially acquired a Ramada Inn by Wyndham, then repositioned and rebranded it as a Holiday Inn under the Intercontinental Hotel Group. They seasoned the asset and subsequently secured this permanent loan, which allows them to recycle equity for further investments.”
The transaction highlights Mag Mile Capital’s continued success in structuring strategic financing for hotel properties across the country.
