CHICAGO – Mag Mile Capital is pleased to announce the firm has arranged financing for a single-tenant retail property located at 3418 Memorial Parkway in Huntsville, Alabama. Mag Mile Capital’s Executive Vice President of Capital Markets & Originations Rob Bernstein originated the loan and provided the underwriting services.
“We acquired a dark box property in 2017 and created value by securing a long-term lease,” said one of the borrowers, Ari Benmosche. “Mag Mile was able to tap the strength of that long-term lease and secured us a 10-year loan with very favorable terms.”
Mag Mile Capital sourced the $2,070,000 10-year loan at an interest rate of 5.10% with a 25-year amortization and 75% loan-to-value ratio. Bernstein was also able to secure the deal at full leverage with no prepayment penalty.
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.