CHICAGO – Mag Mile Capital is pleased to announce that Mac Dobson, senior vice president, has completed a $1,650,000 loan for a 12,900 square foot retail center located at 2066 Central Drive in Green Bay, Wisconsin. Dobson originated the deal and provided the underwriting services on behalf of the private borrower, Michael Nass.
“As a former banker, the Borrower valued our no-nonsense approach to closing this deal,” said Dobson. “We sourced the loan quickly and efficiently for him. The fact that we were able to get this done despite lease rollovers during the term of the loan is a testament to Michael’s strength as a borrower and business owner.”
Nass and his wife Tracey Nass have owned Aveda salons and spas in the Midwest for many years, doing business as Indira Aveda Lifestyle Salon Spa. In addition to the Green Bay location, the Nass’s also own successful locations at 3337 North Southport in Chicago and at 520 West Touhy in Park Ridge Illinois.
The five-year loan was used to refinance a ballooning loan, buy-out a partner in the property, and provide cash out to the Borrower. Dobson and Mag Mile Capital secured a loan at a 5.45% rate with a 25-year amortization. Dobson’s extensive network of community bank and credit union contacts across the country made it possible to close a loan without TI/LC reserves, which was a critical underwriting component.
“I engaged Mac because my loan was ballooning and I wanted to buy out my partner. Mac quickly assessed my property and cash flow and delivered a strong term sheet from a lender within 10 days,” said Nass. “The lender closed exactly as stated in the original term sheet, and I appreciated the transparency from Mac throughout the process.”
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 and the Caribbean. For more information please visit www.magmilecapital.com.