Dec 1, 2022 - Two major medical office properties in Fairfield County Connecticut have been acquired by Cove Point Properties, one of the industry-leading boutique commercial real estate investment operations in the United States today. The investment properties were secured with the expert help from Mag Mile Capital.
The properties were identified as unique investment opportunities by Mag Mile Capital, the kinds of opportunities not usually available in this type of market condition – and Cove Point leaned on the professionals at Mag Mile Capital to move swiftly and close the deal.
The first of the properties secured is located at 8 West End Ave. in old Greenwich, Connecticut. After negotiations, the property was secured with a $2.4 million loan – representing about 75% LTV on a 25-year loan term (with a 30-year amortization schedule of 4.25% at a fixed rate). There is a 0.5% lender origination fee and minimal step-down prepayment penalties included in the financing package, too.
Mag Mile also led the negotiations and financing procurement on behalf of Cove Point Properties, working hard to secure another medical office located at 495 Hawley Avenue in Stratford, Connecticut.
This property was more expensive (more than twice as much as the Old Greenwich property), coming in at just over $5.2 million. This also represented a 75% LTV on a 25-year loan term, with one year of interest only payments to be followed later by a 29-year amortization schedule at the same 4.25% fixed interest rate the other Connecticut property was secured at.
Mag Mile Capital was also able to negotiate the same 0.5% lender origination fee and minimal step-down prepayment penalties with a balance sheet lender execution after a round of negotiations.
At the end of the day, these deals are exactly the kinds of commercial real estate deals that this organization has been identifying all over the country – and then locking up on behalf of their clients.
It’s part of what makes Mag Mile Capital so unique, and why so many real estate investors continue to follow them, hoping some of their “secrets to success” wear off on them.
The Mag Mile Capital organization is a Chicago Mortgage Broker operation focused primarily on securing commercial properties across the United States.
Specializing in high leverage, nonrecourse commercial real estate bridge loans – as well as permanent loan and mortgage programs with cash out opportunities for hospitality, self-storage, multifamily, and other commercial real estate – this organization has built a reputation to be envied over the last few years.
For more information about Mag Mile Capital, visit their website or check them out on social media.
Company Name: Mag Mile Capital
Contact Person: Matt Weilgus
Email: Send Email
Address:55 Post Rd. W.
Country: United States