Mag Mile Capital Arranges $7 Million Loan For Office Building / Flex Space Property In SouthEast Michigan
CHICAGO – Mag Mile Capital is pleased to announce the Chicago office recently closed a $7,000,000 million loan for a 128,000 square foot office/flex space in Southeast Michigan. Located at 600 S. Wagner Road in Ann Arbor, Michigan, the recourse loan was closed through a regional credit union at a 3.75% interest rate.
The property is occupied by a cooperative, entrepreneurial community. Members include professionals from startups and established companies across several sectors: life sciences, drug discovery, medical devices, alternative energy, mobility, robotics, business development, and more. The types of spaces that are offered include wet labs, turn-key offices, production areas, specialty work areas, collaborative spaces, warehouse storage, co-working areas, and conference rooms.
“The loan retired an existing maturing loan, lowered the sponsors’ rate, increased their amortization from 20 to 25 years, and provided cash out that the sponsor is planning to invest back in to the building envelope,” said Rushi Shah, principal and CEO of Mag Mile Capital.