NASHVILLE, Tenn., Aug. 17, 2022 /PRNewswire/ — Mag Mile Capital happily announced that Francisco Nacorda, SVP of Originations, closed a $43.1 million loan in connection with the development of a four-story hotel with parking garage in the booming West End/Midtown region of Nashville, TN. Situated close to Vanderbilt University, the hotel site is only a block away from the city’s iconic Broadway and is well-positioned to be a thriving tourist/business destination. Mag Mile Capital is a boutique firm that offers preferred access nationwide to high-leverage, non-recourse, commercial real estate bridge loans, construction loans, and permanent mortgages with cash out for hotels, self-storage, multifamily, industrial, retail, office, and other commercial real estate asset classes.
"I met Jay Patel through a mutual friend, and he was looking to source an attractive financing package for his new project," said Francisco Nacorda. "His needs were somewhat complicated because this was a large loan size and the loan proceeds had to be adjusted twice throughout the closing process. Ultimately, the lender believed in both the project and the sponsor, and so the lender agreed to finance the project at a higher leverage point than what is typical in the current market at 82.5% LTC. We’ve built a strong network of trust in this industry and we are thrilled to help a valued client by leveraging our existing lender relationships and deep expertise for structuring large and complex transactions."
- Address: 2221 Elliston Place; planned four-story construction above ground with one parking garage; 184 rooms, 70 parking spaces; 27,386 net rentable sq. ft.
- Anticipated C/O Date: Summer 2023
- Projected Stabilization Date: Spring 2024
- Total Loan Amount: $43,100,000
- Loan-to-Cost: 82.5%
- Interest Rate: 10.35%
- Amortization: interest-only payments during the loan term
- Loan Terms: 3 year term with two 1-year extension options
- Borrower: Elliston Hospitality LLC
- Developer: JV Hospitality LLC
- Closing Date: 7/15/2022
"This is an exciting project for us for a variety of reasons, not the least of which is location," said Jay Patel, Principal of Elliston Hospitality. "The project site is within walking distance of Broadway Street and very close to Vanderbilt University – making this the perfect location for people looking to spend a weekend in the Music City. The buzzing Midtown region is a major nightlife hub with crowd-packed bars and clubs on Church Street, plenty of live music, and a variety of events all year long. There are also raucous rock gigs at Exit Inn and The End on Elliston Place, while laid-back bars and late-night cafes fill up with students from Vanderbilt. It’s a premium hospitality location."
Mag Mile Capital is a full-service commercial real estate mortgage banking firm headquartered in Chicago with offices in New York, Massachusetts, Connecticut, Florida, Texas, Michigan, Colorado, and Nevada. Mag Mile Capital is a national platform comprised of talented capital markets advisors with extensive experience in real estate debt placement and equity arrangement throughout the full capital stack and across all major asset classes nationwide.
Offering preferred access to premier structured debt and equity advisory solutions and placement for real estate investors, developers, and entrepreneurs, Mag Mile Capital leverages a wide variety of lending relationships and equity capital connections as a leading commercial mortgage facilitator. Learn more at: www.MagMileCapital.com.
Prabhat Jayara, VP Capital Markets
SOURCE Mag Mile Capital