NEW YORK, April 29, 2022 /PRNewswire/ — Mag Mile Capital recently announced that Bob Scarantino had secured a total loan of $8,850,000 to cover the purchase of three investment properties in New Jersey: a medical/dental office space in Hammonton, a multi-tenant office space in Egg Harbor Township, and another multi-tenant flex property with two buildings in Hammonton. Mag Mile Capital is a boutique-sized 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 properties.
"This was a complex deal involving multiple properties and maximum leverage, but we’re happy to close this one smoothly at an excellent rate," said Scarantino. "The first three-unit space is 100% occupied with medical and dental tenants. Nearly 70% of the space is fitted for medical and is occupied by Liberty Dialysis. The property in Egg Harbor is a low-rise office building with over 90% occupied – four of five units. And the flex property actually consists of two buildings, one built in 1986, the other in 1994. Both buildings represent 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, Egg Harbor Township 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 Terms: 10 years
- Investor Type: NTG Realty Holding, LLC
- Closing Date: 3/16/22
"Good communication, speed, and accuracy are always paramount in real estate deals like this one," said NTG Realty Holding, LLC. "That is especially true for deals involving properties that are already occupied. We absolutely relied on Mag Mile’s market expertise and lender relationships for this deal and were not disappointed. They are always willing to offer ideas for solutions to any complexities that appear and, best of all, they always listen to our goals – meeting or exceeding our expectations every single time."
About Mag Mile Capital – Turning Relationships Into Closings Since 1991
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