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

The asset involved in the transaction is a retail property located at 424 Pine Street in Highlands, NC. The loan for this property amounts to $1,575,000 with a 5-year term and a 25-year amortization schedule. The interest rate is fixed at 3.65%, and the terms include a 0.5% lender origination fee, no prepayment penalty, and full recourse. The loan covers 75% loan-to-cost (LTC), which is inclusive of future funding reserves for tenant improvement allowances and leasing commissions.

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
• Loan-to-Cost: 75% inclusive of future funding reserve for tenant improvement allowance and leasing commission

Rushi Shah is associated with the transaction, representing the lender Mag Mile Capital in this loan agreement. This deal reflects the financial operations undertaken by the lending entity within the retail market sector in Highlands, NC.