Mag Mile Capital, Inc.
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 $14.5 million in CMBS financing for the Marriott Rochester Airport, a premium hotel located in Rochester, New York.
The financing was structured with a 65% loan-to-value (LTV) ratio, a 5-year loan term, and a 30-year amortization schedule with 2 years of interest only. The non-recourse loan closed on March 12, 2025. The CMBS loan was funded by a large New York based investment bank that is one of Mag Mile Capital’s premier relationships in the capital markets.
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 $3 million PIP that will secure the asset’s position within its competitive set for years to come.” Prabhat Jayara said. “The two years of interest-only will provide some buffer in case of minor disruption during the renovation. We also were able to reward the Sponsor for improving the asset’s cash flow by providing a cash out in addition to the funds to complete PIP” says Prabhat.
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: $14,500,000
LTV: 65%
Loan Term: 5 Years
Amortization: 2 years Interest-only; 30 Years amortization thereafter
Recourse: Non-Recourse
Closing Date: 03/12/2025
Originator: 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.
