Mag Mile Capital Completes $1.14 Million Loan For Atlanta NNN Steak N Shake
CHICAGO – Mag Mile Capital is pleased to announce the firm’s Matt Weilgus, Senior Vice President and General Counsel in the firm’s Connecticut office completed a $1,140,000, five-year, fixed-rate loan for a 4,015 square foot stand-alone triple-net retail property, occupied by Steak N Shake, in the Atlanta, Georgia metropolitan area.
Located at 2905 Stonecrest Circle in Lithonia, just east of Atlanta, the fast-food restaurant is a single-story property in a well-traversed retail location. The co-broker of the property, Mike Charnam of MCS Commercial Capital contacted Mag Mile Capital to assist with obtaining financing for the asset.
“We covered the market and were able to successfully execute a 60% loan-to-value, fixed 4.0% rate through Andrews Federal Credit Union,” said Weilgus. “The transaction was smooth and terms competitive for a single-tenant retail property with a sub-investment grade tenant. Thank you to the client, co-broker and lender for a seamless execution.”
The $1.14 million loan was closed with additional terms of a 30-year amortization schedule and no prepayment penalties.