Mag Mile Capital Arranges $29.5M CMBS Refinance For Brownsville & Laredo Hotels

The hotel, located at 3759 North Expressway in Brownsville, Texas, and 310 Lost Oaks Boulevard in Laredo, Texas, spans 164,271 square feet. The financing for this property involved a $29,500,000 CMBS Cash-Out Refinance loan with 65% LTV over a 10-year term.

Summary of transation details:

• Property Type: Hotel
• Transaction Amount: $29,500,000
• Address: 3759 North Expressway & 310 Lost Oaks Boulevard
• Market: Brownsville & Laredo, Texas
• Loan Type: Refinance
• Loan Terms: 65% LTV, Non-Recourse, 10 Year Term
• Brokers: Michael Taylor & Prabhat Jayara - Mag Mile Capital

In this transaction, Michael Taylor and Prabhat Jayara from Mag Mile Capital acted as the brokers facilitating the CMBS Cash-Out Refinance loan for the hotel property. The non-recourse loan was secured with a 65% loan-to-value ratio, providing a long-term financing solution for the property owners.