Chicago, Illinois, Feb. 06, 2025 (GLOBE NEWSWIRE) -- Mag Mile Capital, Inc. (OTCQB: MMCP) ("Mag Mile", or the "Company") is pleased to announce the successful closing of an $8 million bank syndication program financing in connection with the horizontal construction and capitalization of a manufactured home park to be developed in Boardman, OR. The loan, structured with a 65% loan-to-cost (LTC) ratio, was secured with a five-year term, an initial 18-month interest-only period during development, followed by a 25-year amortization schedule. The transaction was facilitated by two of Mag Mile Capital's senior leadership team members, CEO, Rushi Shah and SVP of Underwriting and Originations, Prabhat Jayara.
The successful execution of this deal underscores Mag Mile Capital's deep expertise in structuring and securing optimal financing solutions for investors and developers across all commercial real estate asset classes.
"This transaction highlights our ability to deliver tailored financing solutions for manufactured housing communities,” said Rushi Shah, Chairman and CEO of Mag Mile Capital. "We are proud to have structured a financing solution that aligns with the client's investment strategy and enhances their portfolio's growth potential.”
"This closing was unique and special because it highlights Mag Mile Capital's access to diverse capital sources and our ability to find a needle in a haystack in form the lender” said Prabhat Jayara, Senior Vice President of Originations and Underwriting of Mag Mile Capital. "The capital source for this transaction is a non-traditional bank syndication program suited for this non-traditional asset class in a non-primary market.”
The deal successfully closed on February 3, 2025, marking another milestone for Mag Mile Capital in delivering innovative capital stacks for real estate investors nationwide.
Mag Mile Capital: Manufactured Home Park
Location: Boardman, Oregon
Financing type: Bank Syndication Program financing for the purpose of horizontal development and construction of mobile home park facility.
Loan Amount: $8,000,000
LTC: 65%
Loan Term: 5 Years
Amortization: 18 months interest-only period, then 25 years amortization schedule
Closing Date: 02/03/2025
Originators: Rushi Shah & Prabhat Jayara
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About Mag Mile Capital - Turning Relationships into Closings Since 1991
Mag Mile Capital is a boutique full-service commercial real estate mortgage banking firm headquartered in Chicago with offices in the states of New York, Massachusetts, Connecticut, Florida, Texas, and Nevada. Mag Mile Capital is a national platform comprised of capital markets specialists with extensive experience in real estate bridge financing, mezzanine and permanent debt placement and equity arrangements throughout the full capital stack and across all major real estate asset classes. The firm offers preferred access nationwide to high-leverage, non-recourse, commercial real estate bridge loans and permanent mortgages with cash out financing for hotels, self-storage, multifamily, industrial, retail, office, and other commercial real estate property, offering access to structured debt and equity advisory solutions and placement for real estate investors, developers, and entrepreneurs, Mag Mile Capital leverages a wide variety of lending relationships and equity capital connections as a leading national real estate mortgage intermediary. Its personnel have collectively closed over $9 billion in real estate financing during their combined 34 years of experience in this industry.
For the latest details on Mag Mile Capital investments, visit our website at: www.magmilecapital.com and follow us on social media: Facebook, Twitter, LinkedIn, Instagram.
Forward-Looking Statements
The Company believes that this press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Terms such as "may,” "might,” "would,” "should,” "could,” "project,” "estimate,” "pro-forma,” "predict,” "potential,” "strategy,” "anticipate,” "attempt,” "develop,” "plan,” "help,” "believe,” "continue,” "intend,” "expect,” "future,” and terms of similar import (including the negative of any of these terms) may identify forward-looking statements. The forward-looking statements in this press release include statements regarding the benefit of qualifying our common shares for trading on the OTCQB market. Such forward-looking statements, including but not limited to statements regarding the plans and objectives of management for future operations, are based on management's current expectations and are subject to risks and uncertainties that could cause results to differ materially from the forward-looking statements. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the accuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, market acceptance of the company's products and services; competition from existing products or new products that may emerge; the implementation of the company's business model and strategic plans for its business and our products; estimates of the company's future revenue, expenses, capital requirements and need for financing; current and future government regulations; and developments relating to the company's competitors. Readers are cautioned not to place undue reliance on forward-looking statements because of the risks and uncertainties related to them. For further information on such risks and uncertainties, you are encouraged to review the Company's filings with the Securities and Exchange Commission ("SEC”), including its quarterly report on Form 10-Q for the fiscal period ended September 30, 2024. The Company assumes no obligation to update any forward-looking statements as a result of new information or future events or developments, except as required by law.
For further information contact:
Tony Sklar
Investor Relations
Tel: 1.312.642.0100
