Hospitality

ROCHESTER, N.Y. — Mag Mile Capital, a Chicago-based commercial mortgage banking firm, has arranged a $14.5 million CMBS loan for a 210-room, Marriott-branded hotel in Rochester. The hotel was built in 1979 and is located near Rochester International Airport. The five-year, nonrecourse loan carried a 65 percent loan-to-value ratio and a 30-year amortization schedule with two years of interest-only payments. Prabhat Jayara of Mag Mile Capital originated the loan through Morgan Stanley on behalf of the borrower, Sai Global Investments.

MONTAUK, N.Y. — JLL has arranged a $235 million loan for the refinancing of the 20-acre Gurney’s Montauk Resort & Seawater Spa, located on the eastern tip of the Long Island peninsula. The property’s hospitality component totals 158 units: 109 guestrooms, 35 suites, eight beachfront cottages and six residences. In addition to a 2,000-foot private beach, the resort features five onsite food-and-beverage venues, four pools, a salon, 25,000 square feet of meeting and event space, a 30,000-square-foot spa and a fitness center. In addition, the owner, a partnership between BLDG Management Co. Inc. and Metrovest Equities, recently completed a capital improvement program at the property that upgraded guestrooms, common areas and amenity spaces. Christopher Peck, Kevin Davis, Mark Fisher and Connor Medzigian of JLL arranged the debt through a joint venture between Smith Hill Capital and Bain Capital.