HOUSTON, July 12, 2022 /PRNewswire/ — Mag Mile Capital proudly announced that Leonard Smith, Senior Vice President, just finalized a loan for $1,750,000 to refinance a parcel of land attached to the Big Rivers Water and Theme Park development in Grand Texas, North of Houston. The scope of the overall Grand Texas project is enormous and ambitious, with over 600 acres of amusement parks and an 80-acre water and adventure park which opened in 2020. Mag Mile Capital is a boutique firm that offers preferred access nationwide to high-leverage, non-recourse, commercial real estate bridge loans and permanent mortgages with cash out for hotels, self-storage, multifamily, industrial, retail, office, and other commercial real estate property.
"This deal was completed for an ongoing client of ours, so we already had his trust, but we had to move quickly," said Leonard Smith. "The Grand Texas park project is a very fluid real estate space with lots of different companies and financial actors all moving at once. Our client was facing a deadline in paying a previous lender, with an original lender who kept delaying action. It was a bit of a nail-biter there for a bit, but I contacted the hard money lender and we had this closed in less than three weeks. We were able to secure good terms and our client was very pleased."
Mag Mile Capital: Land Parcel in Grand Texas Theme Park Development
- Address: 22853 SH 242, New Caney, Texas
- Total Loan Amount: $1,750,000 recourse
- Interest Rate: 10.9%
- Amortization: Interest only
- Loan Terms: 12 months
- Investor Type: Private, Hard Money lender
- Borrower: Green Cow Productions, LLC
- Closing Date: 6/13/2022
"One of the most important reasons why we work with Mag Mile Capital is the speed at which they get complicated deals like this taken care of," said Green Cow Productions. "We know we can call them with any financing or real estate complexity and they will absolutely take care of it. That is a level of customer service you just don’t find in this business very often and is the reason we will be giving Leonard a call again whenever we need help in the future."
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 American real estate mortgage facilitator. Learn more at: www.MagMileCapital.com.
Samantha L. Rivera, Operations Coordinator
SOURCE Mag Mile Capital