NASHVILLE, TENN. — Mag Mile Capital has arranged a $43.1 million construction loan for the development of a four-story hotel located at 2221 Elliston Place in Nashville. Situated near Vanderbilt University in the city’s West End submarket, the 184-room hotel will feature a 70-space parking garage and nearly 30,000 square feet of commercial space. Francisco Nacorda of Mag Mile originated the three-year loan through an undisclosed lender on behalf of the borrower, an entity doing business as Elliston Hospitality LLC. The loan features interest-only payments, two one-year extension options, a loan-to-cost (LTC) ratio of 82.5 percent and a 10.35 percent interest rate. The borrower plans to receive the certificate of occupancy for the hotel next summer and reach full stabilization by spring 2024.
Mag Mile Capital Arranges $43.1M Construction Loan for New Hotel in Nashville’s West End