CHICAGO – Rushi Shah, Principal and CEO of Mag Mile Capital is pleased to announce the firm is opening a second East Coast location in Connecticut, which will be led by the firm’s Executive Vice President of Originations and Head of Capital Markets and Placements Rob Bernstein who has recently closed $55,090,000 million in loan transactions on behalf of Mag Mile Capital. Bernstein will also continue to oversee the firm’s New York City office.
“I live in Connecticut and discovered that we have a sizeable client base right here in our own back yard,” said Bernstein. “Westport is home to numerous P/E firms that play in both the debt and equity space and we’ll look to leverage these local relationships, while continuing to maintain our New York presence. This will allow us to enjoy the benefits of having the flexibility to go back and forth between New York City and Connecticut.”
The new office will be located at 191 Post Road West in Westport, Connecticut. Bernstein will continue to coriginate deals through his network of owners and developers, as well as a referral network of brokers, to contribute to Mag Mile Capital’s growing, nationwide deal flow, as well as lead the growing team at the new office location. Bernstein’s recent deals include:
A three-year $13,000,000 interest only loan for a 168-unit apartment property at 4900 Old Spartanburg Road in Taylors, South Carolina. The loan features two one-year extension options and an 80% loan-to-value ratio.
A three-year $12,620,000 interest only loan for a 152-unit apartment building at 703 Grathwol Drive in Wilmington, North Carolina. This loan also features two one-year extension options.
A three-year $12,100,000 interest only loan with two one-year extension options for a 224-unit apartment property located at 601 St. Andrews Road in Columbia, South Carolina.
A $9,000,000 10-year, interest only loan for a five-story, 265,000 square foot industrial property in Chicago with an interest rate of 5%, a 30-year amortization and a loan to value ratio of 70%. The loan also include $1.5 million in cash-out for the borrower.
A $6,300,000 loan for a 40,000 square foot retail property located at in Katy, Texas.
A 10-year, no prepayment penalty, $2,070,000 loan at an interest ate of 5.10% for a 112,000 square foot, single-tenant retail property at 3418 Memorial Parkway in Huntsville, Alabama. The loan featured a 25-year amortization and 75% loan-to-value ratio.
“With the growing volume of deals across the nation we are expanding our physical footprint with additional offices,” said Shah. “This shows our commitment to the East Coast market and gets us closer to clientele.”
Matt Weilgus, General Counsel and an originator for Mag Mile Capital in the Connecticut office added, “We’re thrilled to open our Mag Mile Capital office in Westport. It’s an ideal location as our suburban New York City hub as we continue to grow our relationships with clients and capital sources in the tri-state area.”
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.