Mag Mile Capital Completes $2.85 Million in Two North Carolina Loans
CHICAGO – Mag Mile Capital is pleased to announce that the firm’s Vice President Matt Weilgus has completed two loans totaling $2,850,000 for a repeat client, a private property investor.
“These are the third and fourth loans completed for this borrower, through a 1031 exchange, and with this same lender,” said Weilgus. “Despite the logistical challenges with the on-going Covid-19 crisis, we were able to successfully arrange two additional transactions based on the previous work done as well as perseverance on behalf of all parties involved.”
In the first transaction, Weilgus completed a $1,800,000 loan for a 13,416 square foot, single-story medical office facility located at 3324 Six Forks Road in Raleigh, North Carolina. The building is fully leased by a local healthcare group, WakeMed Physician’s Practices. The non-recourse loan was arranged through a credit union and features an eight-year term with a 20-year amortization schedule, 60% loan-to-value ratio and a fixed interest rate of 3.95% with zero prepayment penalties.
Weilgus also facilitated an $1,050,000 loan for a condominium property located at 8-B Marina Street in Wrightsville Beach, North Carolina. The loan was set with a fixed interest rate of 3.75% for a five-year term. The loan features a 20 year amortization schedule and a 65% loan-to-value ratio with no prepayment penalty.
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.