Mag Mile Capital, Inc.
Chicago, Illinois, March 12, 2025 (GLOBE NEWSWIRE) — Mag Mile Capital, Inc. (OTCQB: MMCP) (“Mag Mile”, or the “Company”) is pleased to announce the successful closing of $13 million in CMBS financing for the Hampton Inn Harker Heights, a premium select-service hotel located in Harker Heights, Texas.
The financing was structured with a 65% loan-to-value (LTV) ratio, a 10-year loan term, and a 30-year amortization schedule. The non-recourse loan, closed on February 25, 2025, carries a competitive fixed interest rate of 7.50%.
Rushi Shah, CEO and Principal of Mag Mile Capital, along with Prabhat Jayara, Vice President of Originations, led the transaction. The strategic financing will support the long-term financial stability of the property, allowing ownership to optimize cash flow and maintain operational excellence in the growing Harker Heights market.
“This refinance closing was one of the cleanest transactions we have closed with one of our best top tier investment banks institutional relationships that we have. “This beautiful asset’s massive cash out represents how best a developer should use a non-recourse CMBS loan product to repatriate their equity out to recycle for growth and diversification.”
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: Hampton Inn Harker Heights
Location: Harker Heights, TX
Financing type: CMBS
Loan Amount: $13,000,000
LTV: 65%
Loan Term: 10 Years
Amortization: 30 Years
Recourse: Non-Recourse
Closing Date: 02/25/2025
Interest Rate: 7.50%
Originators: Rushi Shah & Prabhat Jayara
For the latest details on Mag Mile Capital investments, follow them on social media: Facebook, Twitter, LinkedIn, Instagram.
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 $9 billion in real estate financing during their combined 32 years of experience in this industry.
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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- Mag Mile Capital, Inc.
