Mag Mile Capital Provides $1.575M Loan For Retail Property In Highlands, NC

Mag Mile Capital has provided a loan of $1,575,000 for a retail property located at 424 Pine Street in Highlands, NC. The loan terms include a 5-year term, a 25-year amortization schedule, and a fixed interest rate of 3.65%. The lender origination fee is 0.5%, and there is no prepayment penalty. The loan is full recourse, and the loan-to-cost (LTC) is 75%, which includes a future funding reserve for tenant improvement allowance and leasing commission.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $1,575,000
• Lender: Mag Mile Capital
• Loan Terms: 5-year term, 25-year amortization schedule, 3.65% fixed interest rate, 0.5% lender origination fee, no prepayment penalty, full recourse, 75% LTC inclusive of future funding reserve for tenant improvement allowance and leasing commission

The loan provided by Mag Mile Capital represents a significant financial opportunity for the retail property at 424 Pine Street. The favorable terms and full recourse nature of the loan provide stability and flexibility for the property owner. With the future funding reserve, the property can benefit from tenant improvement allowance and leasing commission to enhance its value and attract potential tenants.