Mag Mile Capital Finalizes $6.5 Million Loan secured by Educational Facilities in North Carolina
13 Jul, 2022, 08:33 ET
BOSTON, July 13, 2022 /PRNewswire/ -- Mag Mile Capital recently announced that Paula Mello, SVP of Originations, and Matt Weilgus, SVP, Head of Originations & General Counsel, successfully finalized a loan for $6,589,158 to help their repeat client, Freeport Equity, acquire two special-use retail NNN-leased facilities in Cary and Morrisville, North Carolina. Both buildings are leased by Montessori schools in two thriving towns. Cary routinely ranks as one of the safest places to live in the country, while Morrisville boasts a booming economy and often makes it to the top of "Best Places to Live" lists in North Carolina. Mag Mile Capital is a boutique firm that offers preferred access nationwide to high-leverage, non-recourse, commercial real estate construction, bridge and permanent mortgages across all asset classes.
"I was very pleased to help Freeport Equity secure this loan as a longstanding client of our firm," said Paula Mello. "Both of the subject properties are in impeccable locations with great communities, and these schools are now well-established with long-standing leases. We secured an interest rate which is a true gold standard in the current market and a non-recourse structure for a special-use asset which is a rare execution."
Mag Mile Capital: Two Montessori Schools in North Carolina
- Address: Cary and Morrisville, N.C.
- Total Loan Amount: $6,589,158
- Guaranty: Non-recourse with standard carve-outs
- Interest Rate: 3.60%
- Amortization: 30 years
- Loan Terms: 10 years
- Lender Type: Balance Sheet Lender
- Borrower: Freeport Equity
- Closing Date: 6/21/2022
"We have trusted Paula's expertise in the financing field for years," said Renzo Pisa, Managing Partner at Freeport Equity. "Her role in the refinancing of the two schools in Cary and Morrisville reaffirms why Paula and Matt at Mag Mile Capital continually display a determined work ethic, timely responsiveness, and a friendly yet professional manner. The process moved smoothly and efficiently, and they delivered on assuring the best terms available for us. We greatly appreciate Paula and Matt's attentiveness and reliability to ensure this timely closing, and we look forward to working together on many deals in the future."
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Mag Mile Capital is a full-service commercial real estate mortgage banking firm headquartered in Chicago with offices in New York, Massachusetts, Connecticut, Florida, Texas, Michigan, Colorado, and Nevada. Mag Mile Capital is a national platform comprised of talented capital markets advisors with extensive experience in real estate debt placement and equity arrangement throughout the full capital stack and across all major asset classes nationwide.
Offering preferred access to premier 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 real estate mortgage facilitator. Learn more at: www.MagMileCapital.com.
Samantha L. Rivera, Operations Coordinator
SOURCE Mag Mile Capital
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