Mag Mile Capital completes major three-property deal in New Jersey for $8.85 million
NEW YORK, April 29, 2022 /PRNewswire/ — Mag Mile Capital recently announced that Bob Scarantino had obtained a total loan of $8,850,000 to cover the purchase of three investment properties at New Jersey: a medical/dental office in Hammontona multi-tenant office space in Township of Egg Harborand another flexible multi-tenant property with two buildings in Hammonton. Mag Mile Capital is a boutique-sized company that provides nationwide preferred access to highly leveraged, non-recourse commercial real estate bridge loans and permanent mortgages with drawdowns for hotels, l self-storage, multi-family, industrial, commercial, office and other commercial real estate.
“This was a complex deal involving multiple properties and maximum leverage, but we are happy to close this one smoothly at an excellent pace,” Scarantino said. “The first three unit space is 100% occupied by medical and dental tenants. Nearly 70% of the space is medically equipped and occupied by Liberty Dialysis. Ownership of egg port is a low-rise office building with over 90% occupancy – four of five units. And the flex property actually consists of two buildings, one built in 1986, the other in 1994. Both buildings are 58,860 square feet and all four units are occupied.
Mag Mile Capital: two offices and multi-tenant industrial property
- Address: 392 white horse pike, Hammonton NJ (Office); 6727 Delilah Road, Township of Egg Harbor NJ (Office); 897 twelfth street, Hammonton NJ (multi-tenant commercial residence)
- Total loan amount: $8,850,000
- Interest rate: 5.84%
- Amortization: 30 years
- Loan conditions : 10 years
- Type of investor: NTG Realty Holding, LLC
- Closing Date: 03/16/22
“Good communication, speed and accuracy are always paramount in real estate transactions like this,” said NTG Realty Holding, LLC. “This is especially true for transactions involving properties that are already occupied. We absolutely relied on Mag Mile’s market expertise and lender relationships for this transaction and we were not disappointed. They are always ready. to come up with ideas for solutions to any complexities that arise and, most importantly, they always listen to our goals – meeting or exceeding our expectations every time.”
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About Mag Mile Capital – Turning Relationships Into Closings Since 1991
Mag Mile Capital is a full-service commercial real estate mortgage banking company headquartered in Chicago with offices at New York, Massachusetts, Connecticut, Florida, Texas, Michigan, Coloradoand Nevada. Mag Mile Capital is a national platform of talented capital markets advisors with extensive experience in real estate debt placement and equity arrangement across the capital stack and in all major investment categories. nationally active.
Offering preferred access to best-in-class structured debt and equity advisory solutions and investments for real estate investors, developers and entrepreneurs, Mag Mile Capital leverages a wide variety of lending relationships and equity connections as America’s leading home mortgage lending facilitator. Learn more at: www.MagMileCapital.com.
Samantha L. Rivera, Operations Coordinator
(312) 640-7426, [email protected]
SOURCE Mag Mile Capital