Mag Mile Capital Completes $1.2 Million Permanent Loan Financing for Industrial Property on Chicago’s North Shore
CHICAGO, May 9, 2022 /PRNewswire/ — Mag Mile Capital is pleased to announce Cody Harper, VP of Originations has secured a $1,150,000 permanent loan financing in connection with an owner-occupied industrial/warehouse property located at 5115 Church Street in Skokie, Illinois.
The 30,500 square foot property is 90% leased to House of Rental, a second-generation, family-owned tool, equipment, and party rental business that has served Chicago’s North Shore for over 50 years. “I worked for House of Rental during my high school and college summers delivering rental equipment and erecting large canopy tents for street festivals, weddings, and other special events,” said Harper. “This hard-working experience gifted me discipline and drive at a young age,” he added.
The loan financing features a 3.95% fixed interest rate, a ten-year loan term, and a 15-year amortization schedule that will provide a nearly debt-free asset to the next generation of family ownership. “Despite a rapidly increasing interest rate environment, we were able to attract significant lender interest and secure very attractive pricing given the property’s proximity to the affluent surrounding north Chicago suburbs and given the property’s unique ability to accommodate industrial activities at its location,” said Harper.
“The process they ran generated significant attention from a number of reputable Chicago-area banks, and I was able to refinance my property quickly, smoothly, and without any hidden fees,” said Chris Wright, President & Owner of House of Rental. He added, “I recommend Cody Harper and Mag Mile Capital because they consistently source the best terms available in the marketplace.”
Samantha L. Rivera, Operations Coordinator
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