Staybridge Suites, Oconomowoc, WI
OCONOMOWOC, WI—Chicago-based Mag Mile Capital's Mac Dobson and Prabhat Jayara completed a $9.925 million non-recourse, CMBS loan for a 128-room hotel property located at 1141 Bule Ribbon Drive in Oconomowoc, WI for KGNMP Hotels. Dobson and Jayara co-originated the loan while Ian Carlos closed the loan.
“The borrower originally approached a local bank in their network for an acquisition loan; however, the bank was not able to arrange the loan,” says Dobson. “He encouraged the borrower to speak with us given our expertise sourcing hotel financing. We packaged the deal and sourced best-in-market terms, including a 79.5% loan-to-purchase price. That's a leverage point that is very difficult to replicate in the capital markets for any asset class, let alone a hotel in a tertiary market.”
Located in Waukesha County, west of Milwaukee, the hotel property is one of several owned by the borrower in Northern Illinois and Wisconsin. Mag Mile Capital was able to secure the 10-year, fixed rate loan at a 5.75% interest rate and a 25-year amortization.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
