September 11, 2019 Comments (0) Views: 206 Chicago News, Midwest News

Mag Mile Furnishes CMBS Loan on Indy Hotel

Mag Mile Capital’s Rushi Shah and Prabhat Jayara completed a $5.35-million CMBS loan on behalf of Trivedi Hospitality, for the 83-key Courtyard by Marriott hotel in Indianapolis. Trivedi used the funds to acquire the hotel and reserve approximately $1 million for furniture, fixtures and equipment.

“Trivedi is a well-known name when it comes to institutional hospitality ownership in Chicago,” said Shah. “Having long-trusted our team, they came to us with this transaction to expand their portfolio in the rapidly growing market of Indianapolis.”

He added, “We maneuvered through multiple challenges to help them acquire this property, and were able to convince the lender to close the loan at a higher amount than was signed at the outset without changing the interest rate.”

Mag Mile secured the 10-year fixed rate, non-recourse loan with a 30-year amortization.  The loan was provided by Rialto Mortgage Finance.

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