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Mag Mile Capital Secures $9M Bridge Loan for Hotel in Downtown Baltimore
Mag Mile Capital has closed an 8.6-million bridge loan for a 250-room Days Inn situated in downtown Baltimore, MD.
Francisco Nacorda with Mag Mile Capital arranged the loan, a non-recourse cash out, non-cash flowing asset. The three-year fixed loan has a 7.99% interest rate and carries two one-year extensions.
The hotel, at 100 Hopkins Place, provides access to Baltimore attractions such as the grave and former home of Edgar Allan Poe, Oriole Park at Camden Yards and the sprawling waterfront district of Baltimore’s Inner Harbor.
“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. A hotel here is a fantastic investment, easily serving as a crown jewel for any real estate investor.”
- ◦Financing
