CHICAGO – Mag Mile Capital is pleased to announce that Mac Dobson, senior vice president, has completed a $2,150,000 loan for a self storage facility on behalf of the borrower, HAN Capital, located at 4526 Oro Blanco Drive, Colorado Springs, Colorado. HAN Capital is an experienced storage group with approximately 7,000 units currently under management.
The 50,000 square foot facility in Colorado Springs features 415 units on two levels. The property, built in 1984 is non-climate controlled and well located. Mag Mile Capital was brought in to secure the loan after the sponsor’s traditional bank financing fell through.
“I have worked with Alex, Nik, and John of HAN Capital extensively over the last decade,” said Dobson. “Through careful, but aggressive growth, they have become one of the preeminent storage operators in the country. This site in Colorado Springs is their first facility in the Mountain West region, and it’s the perfect fit for their expansion. HAN opted for a bridge loan for this acquisition; despite the property’s relatively high occupancy, they recognize that there is a lot of upside here. The loan will give them a nice window to implement their business plan and capitalize on the upside potential this property offers.”
The two-year, non-recourse bridge loan secured by Mag Mile Capital features an additional $70,000 earn-out option upon hitting debt yield stipulations. The loan will enable HAN Capital to continue the company’s long-term business goals of purchasing older and/or mismanaged properties and strategically increasing the property’s net operating income over time.
"We thoroughly enjoyed working with Mac through the ups and downs of this transaction. Mac took the time to understand our business plan for the acquisition and came with the right lending solution for the deal,” said Nik Turik of HAN Capital. “We've worked with Mac over the past several years, and he has always been a reliable sounding board for us as we review various deal structures and financing options. He is one of most astute and detail oriented brokers we’ve worked with, and his calm and effective communication style helps to quickly move transactions toward a timely closing."
About Mag Mile Capital
Chicago-based Mag Mile Capital is a full-service. commercial real estate mortgage and investment banking firm. The boutique firm offers preferred access to best-in-class debt placement, equity arrangement, tax credit syndication, real estate brokerage and advisory through a high-touch, disciplined approach that leverages its extensive lending relationships and deep-rooted client and equity sponsors. During the past 27 years, team members have collectively funded over $8.5 billion in debt, equity, tax credit and mezzanine financing for hotel, multifamily, office, retail, industrial, healthcare, self-storage and special purpose properties throughout the United States, Caribbean and Europe. For more information please visit www.magmilecapital.com.