Finance p Tennessee

Mag Mile Capital closes $12 million for Holiday Inn in Nashville market

Mag Mile Capital closes $12 million for Holiday Inn in Nashville market,ph01

Mag Mile Capital senior vice president Francisco Nacorda has completed a $12.6 million non-recourse CMBS loan on behalf of Milhap Hotels, an affiliate of Triumph Management, for a Holiday Inn Express located in Antioch, Tennessee.

Located at 201 Crossings Place in Antioch, a southeast suburb of Nashville, the Holiday Inn Express is a 118-room hotel in a market with a significant amount of new supply coming available.

Mag Mile Capital secured a 10-year fixed rate, non-recourse CMBS loan with a 30-year amortization. The refinance loan, provided by CIBC, afforded the borrower cash-out beyond its cost basis. The loan also enabled the borrower to recapture equity to utilize toward future growth.