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Mag Mile Capital Secures $8 Million Bank Syndication Financing for Manufactured Home Park in Boardman, OR
Mag Mile Capital Secures $8 Million Bank Syndication Financing for Manufactured Home Park in Boardman, OR.
About this update from Mag Mile Capital Inc.
[{"type":"text","content":"\n 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 For th...