Mag Mile Capital Secures $1.575 Million Loan for Retail Property in Great Smoky Mountains Community of Highlands, North Carolina
WESTPORT, Conn., July 14, 2022 /PRNewswire/ — Mag Mile Capital announced that Matt Weilgus, SVP and Head of Originations, successfully closed a loan for $1,575,000 to help a client purchase a former Bank of America branch location in the bustling mountain town of Highlands, NC. The 7,200 sq. ft., two-story building is located in a central community surrounded by lush forest beauty and natural wonders, often frequented by seasonal tourists – making the property an excellent location for a business. Mag Mile Capital is a boutique firm that offers preferred access nationwide to high-leverage, non-recourse, commercial real estate bridge loans and permanent mortgages with cash out for retail, multifamily, self-storage, industrial, hotels, office, and other commercial real estate asset classes.
“This was a rather complicated deal because the building is currently vacant,” said Matt Weilgus. “But after we received a call from Shaun Weinstock – one of the partners in Pine Holdings – we were happy to help assist the financing. The broker held the below-market interest rate for us, even in the face of a rapidly rising interest-rate environment. And we negotiated for the additional tenant improvement reserve needed to fund future expenses for the borrower. It was a good deal overall and everyone is pleased.”
- Address: 424 Pine Street, Highlands, North Carolina
- Total Loan Amount: $1,575,000
- Interest Rate: 3.65% fixed
- Amortization: 25-year amortization schedule
- Loan Terms: 5-year term, 25-year amortization schedule, 3.65% fixed interest rate, .5% lender origination fee, no prepayment penalty, full recourse, 75% LTC inclusive of future funding reserve for tenant improvement allowance and leasing commission.
- Investor Type: Pine Holdings LLC
- Closing Date: 6/9/2022
“Mag Mile Capital delivered a great loan with fantastic terms. Flexibility is hard to come by in this current market, so you really have to call an expert. I have zero reservations giving Mag Mile and Matt a call again in the future when next I need their help on a real estate financing.” said Shaun Weinstock, Partner, Pine Holdings LLC.
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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.
Samantha L. Rivera, Operations Coordinator