CHICAGO – Mag Mile Capital is pleased to announce that Rob Bernstein, head of capital markets and placements, has facilitated a $12,100,000 bridge loan for a St. Andrews Apartments located at 601 St. Andrews Road in Columbia, South Carolina on behalf of Cohen Investment Group, LLC.
The two-story, 224-unit property was constructed in 1974. It features a clubhouse, swimming pool, fire pit, volleyball court and playground. The units range from one to three bedroom apartments with townhomes also available. The institutional-quality borrower secured the loan in order to make capital improvements to the property, increase the ROI, as well as secure either a CMBS/Agency take-out or sale at exit.
“The nuances of this particular transaction were complex, however, given CIG’s reputation in the industry and resources of Mag Mile Capital we secured the loan in less than 40 days,” said Bernstein. “We look forward to working with the borrower on future deals.”
The $12.1 million bridge loan features an initial funding of $9.75 million with a 79% loan-to-value ratio and a $2.35 million future funding with a three-year initial term and two, one-year extension options. Bernstein originated the deal and Mag Mile Capital’s Prabhat Jayara, Ian Carlos and Elizabeth Skrzynecka provided the underwriting and closing services.
“Mag Mile Capital was instrumental in facilitating CIG's acquisition of St. Andrews Apartments in Columbia,” said Hannah Taylor, Investor Relations Manager for Cohen Investment Group, LLC. Rob Bernstein and the whole MagMile team were a great resource in securing the financing we needed in order to make the deal a success and we look forward to working with them on deals to come.”
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.