Mag Mile Capital Arranges Loan for Michigan Hotel Portfolio
- Feb 05, 2020
Mag Mile Capital arranged a $23.7 million loan for a three hotel portfolio in Michigan. The portfolio included a Staybridge Suites by Intercontinental Hotels Group in Grand Rapids, Mich., a Homewood Suites by Hilton in Novi and a TRU Hotel by Hilton in Sterling Heights.
Senior Vice President Francisco Nacorda represented the borrower, Stellar Hospitality, in all three transactions, which featured a 10-year term and a 25-year amortization period.
According to Nacorda, closing the deals involved several challenges, including dealing with a condominium component part of one of the hotels as well as less than 12 months of operating history for the other two. The transaction was the sixth one that Mag Mile facilitated for Stellar Hospitality.
The Staybridge Suites hotel benefited from the largest loan—$9.4 million. Located at 3000 Lake Eastbrook Blvd., near the Shops at CenterPoint, the property encompasses 94 guest rooms. The 89-key Novi hotel (26150 Town Center Drive) received $8.5 million while the 98-key Sterling Heights hotel (36599 Van Dyke Ave.) received $5.8 million in financing.
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