Mag Mile Capital Completes $4.69 Million Loan for Multifamily Apartments Prominently Located in Chicago’s Famous Gold Coast District
CHICAGO, March 24, 2022 – Mag Mile Capital happily announced that Rushi Shah, Principal and CEO; Prabhat Jayara, Vice President of Originations; and Francisco Nacorda, SVP of Originations all recently completed a $4,690,000 five-year loan to help a client secure a luxury multifamily residence located right in the heart of Chicago’s Gold Coast district. The property is one of the few rental properties amidst predominantly condo buildings in the neighborhood. Mag Mile Capital is a boutique-sized firm that offers preferred access nationwide to high-leverage, non-recourse, commercial real estate bridge loans and permanent mortgages with cash out for hotels, self-storage, multifamily, industrial, retail, office, and other commercial real estate properties.
“This was a local bank deal all along and the challenge here was the tight acquisition timeline during a time when appraisers, surveyors, environmental inspectors, etc. were all quoting long timelines to get reports back to us,” said Jayara. “Add that to the challenge of getting an out-of-state buyer approved with a new lender – one with whom they had never done business with – and I’m sure you understand some of the difficulties we faced. But we were up to the task.”
“This property contains a grand total of eight luxury apartments and over 1,300 square feet of commercial space,” said Rushi Shah. “The Chicago Gold Coast is an affluent part of the city that is absolutely historic and stunning. And with ample access to businesses, fine dining, shopping, and a host of Chicago’s other attributes, this property is a crown jewel for any real estate investor in the area. We were extremely happy to help Mr. Polselli purchase this property and we look forward to working with him again in the future.”
Mag Mile Capital: Multifamily Property in Chicago’s Gold Coast Neighborhood
- Address: 200-202 E. Walton Street, Chicago
- Total Loan Amount: $4,690,000
- Interest Rate: 7%
- Amortization: 30 years
- Loan Terms: 5 year
- Investor Type: Private real estate investor, Remo Polselli
- Closing Date: January 3, 2022
“Everyone working at Mag Mile are absolute professionals,” said a representative of The Private Equity Fund, LLC. “And it was a pleasure and a relief to see how deftly they performed each step of this complicated financing task. I just don’t think I would have seen such a positive outcome from any other mortgaging firm – and certainly not under the time constraints that Mag Mile had to work with. I am extremely pleased with the outcome.”
Mag Mile Capital: Past Client Testimonials
“In the seven to eight months before I met Rushi, all I was told is that a CMBS loan was not possible for this hotel. This was my first CMBS transaction, and thanks to Rushi and his team, it has been a great learning experience.” –T.J. Patel of Pavansut Hotels, LLC
“I have been in business for over 30 years and have deep experience in this industry working with many professionals. Rushi delivered and came through on everything he said he would do.” –Joseph G. Gillespie, Inner Circle Founder and CEO
About Mag Mile Capital – Turning Relationships Into Closings Since 1991
Mag Mile Capital is a full-service commercial real estate mortgage banking firm headquartered in Chicago with offices in New York, Massachusetts, Connecticut, Florida, Texas, Michigan, Colorado, and Nevada. Mag Mile Capital is a national platform comprised of talented capital markets advisors with extensive experience in real estate debt placement and equity arrangement throughout the full capital stack and across all major asset classes nationwide.
Offering preferred access to premier structured debt and equity advisory solutions and placement for real estate investors, developers, and entrepreneurs, Mag Mile Capital leverages a wide variety of lending relationships and equity capital connections as a leading American real estate mortgage facilitator. Learn more at: www.MagMileCapital.com.