FOR IMMEDIATE RELEASE
Wednesday, May 20, 2020
CHICAGO – Mag Mile Capital is pleased to announce that the firm’s Senior Vice President Matt Weilgus has completed two loans totaling $2,220,000 for a private property investor.
“Our team executed on these transactions despite unprecedented challenges in light of COVID-19,” said Weilgus. “The combination of a strong, reputable borrower and two well-located stable assets, both occupied by tenants using the properties for educational and medical purposes, worked to our advantage. We are grateful to the balance sheet lender we identified for the financing who stayed the course and delivered on non-recourse and competitively priced debt for our client.”
In the first transaction, Weilgus completed a $1,370,000 loan for a 17,018 square foot facility located at 4755 Prosperity Church Road in Charlotte, North Carolina. The building is occupied by an early childhood education tenant, Guidepost Montessori. The non-recourse loan was arranged through Truliant Federal Credit Union and features a 10-year term with an interest rate of 3.95%.
Weilgus also facilitated an $850,000 loan for a medical office property for the same borrower through Truliant Federal Credit Union. Located at 110 S. Estes Drive in Chapel Hill, North Carolina, the 9,800 square foot property is occupied by a single tenant in the healthcare field. Mag Mile Capital was able to secure a non-recourse loan at the interest rate of 3.95% for a five-year term. The loan features a 20 year amortization schedule.
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.
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