Mag Mile Capital Completes $4.5 Million Loan for New Retail Property in North Carolina
CHICAGO – Mag Mile Capital is pleased to announce that Senior Vice President Matt Weilgus has completed a $4,511,250 acquisition loan for a new construction retail property at 2056 Skibo Road in Fayetteville, North Carolina. The 10-year loan featured a 75% loan-to-value ratio with a 25-year amortization schedule, a fixed interest rate of 3.65% and no prepayment penalty.
“Mag Mile was able to secure a high leverage, low rate product with a reputable regional balance sheet lender on this new construction retail asset,” said Weilgus. “Our client was very pleased with the execution and we look forward to closing more deals with the sponsor as well as this lender in the future.”
Mag Mile was able to complete the deal within 45 days with a new credit union lender owing in large part to the three corporate-guaranteed, 10-year leases signed at the property. The lender, a new relationship for Mag Mile, was able to offer a non-recourse product at up to 70% loan-to-value, but the borrower, seeking higher leverage, agreed to sign a guaranty in exchange for the additional proceeds. This lender’s no prepayment penalty feature gives Mag Mile’s clients flexibility moving forward which is highly unique in today’s commercial real estate landscape.
About Mag Mile Capital
Chicago-based Mag Mile Capital is a full-service, commercial real estate mortgage and investment banking firm. The boutique firm offers preferred access to best-in-class debt placement, equity arrangement, tax credit syndication, real estate brokerage and advisory through a high-touch, disciplined approach that leverages its extensive lending relationships and deep-rooted client and equity sponsors. During the past 27 years, team members have collectively funded over $8.5 billion in debt, equity, tax credit and mezzanine financing for hotel, multifamily, office, retail, industrial, healthcare, self-storage and special purpose properties throughout the United States and the Caribbean. For more information please visit www.magmilecapital.com.