Hospitality O Indiana

Mag Mile Capital closes $5 million refinance loan for Indianapolis hotel

Mag Mile Capital closes $5 million refinance loan for Indianapolis hotel,ph01

Chicago-based Mag Mile Capital principal and chief executive officer Rushi Shah and vice president Prabhat Jayara have completed a $5.35 million non-recourse CMBS loan on behalf of Trivedi Hospitality for Courtyard by Marriott hotel in Indianapolis.

Located at 4650 Southport Crossing Drive, the hotel features 83 rooms and is located in southeast Indianapolis with immediate access to Interstate-65. The borrower used the funds to acquire the hotel and reserve about $1 million for furniture, fixtures and equipment.

Mag Mile Capital secured the 10-year fixed rate, non-recourse loan with a 30-year amortization. The loan was provided by Rialto Mortgage Finance.