Mag Mile Capital happily announced that agent Francisco Nacorda recently closed a loan for a 250-room Days Inn situated in downtown Baltimore, with ample access to the city’s thriving historic districts like the grave and former home of Edgar Allan Poe, Oriole Park at Camden Yards, and the sprawling waterfront district of Baltimore’s Inner Harbor. Mag Mile Capital is a boutique-sized firm that offers preferred access nationwide to high-leverage, non-recourse, commercial real estate bridge loans and permanent mortgages with cash out for hotels, self-storage, multifamily, industrial, retail, office, and other commercial real estate properties.
“It’s always a delight to help a client secure property in a place like Baltimore,” said Nacorda. “The hotel is beautiful, well appointed, and has a lot of appeal for businesses, traveling executives, history buffs, sports fans, and vacationing families. Baltimore is perhaps best known as a major stop for those doing an Edgar Allan Poe tour of New England, but is also a thriving hub of American industry, history, art, medicine, and boasts a fine dining and shopping district as well. A hotel here is a fantastic investment, easily serving as a crown jewel for any real estate investor.”
- Address: 100 Hopkins Place, Baltimore.
- Total Loan Amount: $8,600,000 non-recourse cash out, non-cash flowing asset with major pip
- Interest Rate: 7.99%
- Loan Terms: 3 year fixed, two one-year extensions
- Investor Type: Bridge
- Closing Date: 3/04/2022
“Working with Mag Mile Capital is always a pleasure and the reason why I return to them time and again,” said the buyer. “Closing on any property is a complicated process with a lot of moving parts. And even though big real estate deals are lucrative, they can throw you a lot of curve balls. You need a pro in your corner who has absolutely everything covered behind the scenes. And that’s Mag Mile.”
