July 9, 2019
Mag Mile Capital secured two non-recourse, CMBS loans for hotels in Orlando. In addition, the firm plans to open a new office in Orlando located at 121 S. Orange Ave.
The first loan provided was $8.1 million for a 2018-room hotel located at 6323 International Dr. The 10-year loan features a 25-year amortization and 65% loan-to-value ratio. Mag Mile also closed a $7.3 million loan for a 130-room hotel on Canada Avenue. The loan features a 30-year amortization rate and a loan-to-value ratio of 67%.
Rushi Shah of Mag Mile secured the financing on behalf of the undisclosed borrowers through lender Deutsche Bank.
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