Mag Mile Capital Secures $14.5 Million CMBS Financing for Marriott Rochester Airport
Mag Mile Capital (OTCQB: MMCP) has secured a $14.5 million CMBS financing for the Marriott Rochester Airport in Rochester, New York. The non-recourse loan, closed on March 12, 2025, features a 65% loan-to-value ratio, 5-year term, and 30-year amortization schedule with 2 years of interest-only payments.
The financing package includes $3 million allocated for a Property Improvement Plan (PIP) to enhance the asset's competitive position. The deal structure provides a cash-out option to the Sponsor while funding the PIP requirements. The CMBS loan was facilitated by a major New York-based investment bank, with Vice President of Originations Prabhat Jayara leading the transaction.
Mag Mile Capital (OTCQB: MMCP) ha ottenuto un finanziamento CMBS di 14,5 milioni di dollari per il Marriott Rochester Airport a Rochester, New York. Il prestito non ricorsivo, chiuso il 12 marzo 2025, presenta un rapporto prestito-valore del 65%, un termine di 5 anni e un programma di ammortamento di 30 anni con 2 anni di pagamenti solo sugli interessi.
Il pacchetto di finanziamento include 3 milioni di dollari destinati a un Piano di Miglioramento della Proprietà (PIP) per migliorare la posizione competitiva dell'attivo. La struttura dell'accordo prevede un'opzione di liquidità per lo Sponsor, finanziando al contempo i requisiti del PIP. Il prestito CMBS è stato facilitato da una grande banca d'investimento con sede a New York, con il Vicepresidente delle Origini Prabhat Jayara a capo della transazione.
Mag Mile Capital (OTCQB: MMCP) ha conseguido un financiamiento CMBS de 14.5 millones de dólares para el Marriott Rochester Airport en Rochester, Nueva York. El préstamo no recursivo, cerrado el 12 de marzo de 2025, presenta una relación préstamo-valor del 65%, un plazo de 5 años y un programa de amortización de 30 años con 2 años de pagos solo de intereses.
El paquete de financiamiento incluye 3 millones de dólares destinados a un Plan de Mejora de la Propiedad (PIP) para mejorar la posición competitiva del activo. La estructura del acuerdo proporciona una opción de retiro de efectivo para el Patrocinador mientras financia los requisitos del PIP. El préstamo CMBS fue facilitado por un importante banco de inversión con sede en Nueva York, con el Vicepresidente de Originaciones Prabhat Jayara liderando la transacción.
Mag Mile Capital (OTCQB: MMCP)는 뉴욕주 로체스터에 있는 Marriott Rochester Airport에 대해
금융 패키지에는 자산의 경쟁력을 높이기 위한 300만 달러의 자산 개선 계획(PIP)이 포함되어 있습니다. 거래 구조는 PIP 요건을 충족하면서 후원자에게 현금 인출 옵션을 제공합니다. CMBS 대출은 뉴욕에 본사를 둔 주요 투자은행에 의해 진행되었으며, 거래를 이끄는 것은 원금 담당 부사장 Prabhat Jayara입니다.
Mag Mile Capital (OTCQB: MMCP) a sécurisé un financement CMBS de 14,5 millions de dollars pour le Marriott Rochester Airport à Rochester, New York. Le prêt non-recours, conclu le 12 mars 2025, présente un taux de prêt sur valeur de 65%, un terme de 5 ans et un calendrier d'amortissement de 30 ans avec 2 ans de paiements d'intérêts uniquement.
Le package de financement comprend 3 millions de dollars alloués à un Plan d'Amélioration de la Propriété (PIP) pour améliorer la position concurrentielle de l'actif. La structure de l'accord offre une option de retrait de liquidités pour le Sponsor tout en finançant les exigences du PIP. Le prêt CMBS a été facilité par une grande banque d'investissement basée à New York, avec le Vice-Président des Origines Prabhat Jayara à la tête de la transaction.
Mag Mile Capital (OTCQB: MMCP) hat eine CMBS-Finanzierung über 14,5 Millionen Dollar für das Marriott Rochester Airport in Rochester, New York, gesichert. Das nicht rückzahlbare Darlehen, das am 12. März 2025 abgeschlossen wurde, hat ein 65%iges Verhältnis von Darlehen zu Wert, eine Laufzeit von 5 Jahren und einen 30-jährigen Tilgungsplan mit 2 Jahren nur Zinszahlungen.
Das Finanzierungspaket umfasst 3 Millionen Dollar, die für einen Immobilienverbesserungsplan (PIP) vorgesehen sind, um die Wettbewerbsfähigkeit des Vermögenswerts zu verbessern. Die Struktur des Deals bietet dem Sponsor eine Möglichkeit zur Barauszahlung, während die PIP-Anforderungen finanziert werden. Das CMBS-Darlehen wurde von einer großen Investmentbank mit Sitz in New York vermittelt, wobei der Vizepräsident der Originierungen Prabhat Jayara die Transaktion leitete.
- Secured $14.5M CMBS financing with favorable terms (65% LTV, 5-year term)
- 2 years of interest-only payments improving short-term cash flow
- $3M allocated for property improvements to enhance competitive position
- Cash-out provision available to Sponsor while funding PIP requirements
- Non-recourse loan structure limiting company's liability
- Significant debt obligation of $14.5M added to balance sheet
- Property requires $3M in improvements indicating deferred maintenance needs
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
The financing was structured with a
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
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:
LTV:
Loan Term: 5 Years
Amortization: 2 years Interest-only; 30 Years amortization thereafter
Recourse: Non-Recourse
Closing Date: 03/12/2025
Originator: Prabhat Jayara
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About Mag Mile Capital – Turning Relationships into Closings Since 1991
Mag Mile Capital is a boutique full-service commercial real estate mortgage banking firm headquartered in Chicago with offices in the states of New York, Massachusetts, Connecticut, Florida, Texas, and Nevada. Mag Mile Capital is a national platform comprised of capital markets specialists with extensive experience in real estate bridge financing, mezzanine and permanent debt placement and equity arrangements throughout the full capital stack and across all major real estate asset classes. The firm offers preferred access nationwide to high-leverage, non-recourse, commercial real estate bridge loans and permanent mortgages with cash out financing for hotels, self-storage, multifamily, industrial, retail, office, and other commercial real estate property, offering access to 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 national real estate mortgage intermediary. Its personnel have collectively closed over
For the latest details on Mag Mile Capital investments, visit our website at: www.magmilecapital.com and follow us on social media: Facebook, Twitter, LinkedIn, Instagram.
Forward-Looking Statements
The Company believes that this press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Terms such as “may,” “might,” “would,” “should,” “could,” “project,” “estimate,” “pro-forma,” “predict,” “potential,” “strategy,” “anticipate,” “attempt,” “develop,” “plan,” “help,” “believe,” “continue,” “intend,” “expect,” “future,” and terms of similar import (including the negative of any of these terms) may identify forward-looking statements. The forward-looking statements in this press release include statements regarding the benefit of qualifying our common shares for trading on the OTCQB market. Such forward-looking statements, including but not limited to statements regarding the plans and objectives of management for future operations, are based on management’s current expectations and are subject to risks and uncertainties that could cause results to differ materially from the forward-looking statements. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the accuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, market acceptance of the company’s products and services; competition from existing products or new products that may emerge; the implementation of the company’s business model and strategic plans for its business and our products; estimates of the company’s future revenue, expenses, capital requirements and need for financing; current and future government regulations; and developments relating to the company’s competitors. Readers are cautioned not to place undue reliance on forward-looking statements because of the risks and uncertainties related to them. For further information on such risks and uncertainties, you are encouraged to review the Company’s filings with the Securities and Exchange Commission (“SEC”), including its quarterly report on Form 10-Q for the fiscal period ended September 30, 2024. The Company assumes no obligation to update any forward-looking statements as a result of new information or future events or developments, except as required by law.
For further information contact:
Rushi Shah
CEO
Tel: 1.312.642.0100
inquiries@magmilecapital.com
www.magmilecapital.com
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FAQ
What are the key terms of MMCP's $14.5M Marriott Rochester Airport financing?
How much is MMCP allocating for the Marriott Rochester Airport's Property Improvement Plan?
When did MMCP close the Marriott Rochester Airport CMBS financing deal?
What benefits does the MMCP financing structure offer to the property owner?
