{"id":1004388242,"date":"2020-02-05T10:09:41","date_gmt":"2020-02-05T18:09:41","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004388242"},"modified":"2025-02-27T21:48:55","modified_gmt":"2025-02-28T05:48:55","slug":"mag-mile-capital-arranges-loan-for-michigan-hotel-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/mag-mile-capital-arranges-loan-for-michigan-hotel-portfolio\/","title":{"rendered":"Mag Mile Capital Arranges Loan for Michigan Hotel Portfolio"},"content":{"rendered":"<div id=\"attachment_1004388245\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/02\/3000-Lake-Eastbrook-Blvd.-.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004388245\" data-attachment-id=\"1004388245\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/mag-mile-capital-arranges-loan-for-michigan-hotel-portfolio\/3000-lake-eastbrook-blvd\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/02\/3000-Lake-Eastbrook-Blvd.-.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"3000 Lake Eastbrook Blvd.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;3000 Lake Eastbrook Blvd. Image courtesy of Mag Mile Capital&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/02\/3000-Lake-Eastbrook-Blvd.-.jpg?w=800\" class=\"wp-image-1004388245 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/02\/3000-Lake-Eastbrook-Blvd.-.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/02\/3000-Lake-Eastbrook-Blvd.-.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/02\/3000-Lake-Eastbrook-Blvd.-.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/02\/3000-Lake-Eastbrook-Blvd.-.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004388245\" class=\"wp-caption-text\">3000 Lake Eastbrook Blvd. <em>Image courtesy of Mag Mile Capital<\/em><\/p><\/div>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>The Staybridge Suites hotel benefited from the largest loan\u2014$9.4 million. Located at 3000 Lake Eastbrook Blvd., near <a href=\"https:\/\/www.commercialsearch.com\/news\/colliers-secures-six-retail-tenants-for-michigan-shopping-center\/\">the Shops at CenterPoint<\/a>, 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.<\/p>\n<p><em>If you\u2019d like to be featured in Brokers\u2019 Corner, send your deal to&nbsp;<\/em><a href=\"mailto:deals@cpe-mhn.com\"><strong><em>deals@cpe-mhn.com<\/em><\/strong><\/a><em>.<\/em> &nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Senior Vice President Francisco Nacorda completed the $23.7 million loan on behalf of the borrower, Stellar Hospitality. <\/p>\n","protected":false},"author":30,"featured_media":1004312369,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,1495,21825,21751,13,21742],"tags":[32805,32848],"class_list":["post-1004388242","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-detroit","category-finance","category-hotel","category-midwest","category-latest","tag-hilton","tag-intercontinental-hotels-group"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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