Prakash Patel & Nirav Patel Secure $23.5 Million Acquisition Loan For Chicago Hotel

The asset involved in this transaction is a hotel located at 40 East Grand Avenue in the Chicago market. The loan amount secured for this acquisition is $23,500,000. The loan has terms set for 5 years, with the first 2 years being interest only, leading into a 30-year amortization schedule.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $23,500,000
• Lender: Barclays
• Landlord: Prakash Patel & Nirav Patel
• Brokers: Rushi Shah & Prabhat Jayara - Mag Mile Capital
• Loan Type: Acquisition
• Loan Terms: 5 Years, 2 Years Interest Only, 30 Year Amortization

The key individuals involved in this transaction are Prakash Patel and Nirav Patel, who serve as the landlords for the property. The brokers representing the deal are Rushi Shah and Prabhat Jayara from Mag Mile Capital, facilitating the acquisition process.