Mag Mile Capital Secures Financing for North Suburban Chicago Industrial

Mag Mile Capital’s Cody Harper, VP of originations, has secured a $1,150,000 permanent loan financing in connection with an owner-occupied industrial/warehouse property located at 5115 Church St. in Skokie, IL.

The 30,500 square foot property is 90% leased to House of Rental, a second-generation, family-owned tool, equipment, and party rental business that has served Chicago’s North Shore for over 50 years. 

“I worked for House of Rental during my high school and college summers delivering rental equipment and erecting large canopy tents for street festivals, weddings, and other special events,” said Harper.  “This hard-working experience gifted me discipline and drive at a young age.”

The loan financing features a 3.95% fixed interest rate, a ten-year loan term, and a 15-year amortization schedule that will provide a nearly debt-free asset to the next generation of family ownership. 

“Despite a rapidly increasing interest rate environment, we were able to attract significant lender interest and secure very attractive pricing given the property’s proximity to the affluent surrounding north Chicago suburbs and given the property’s unique ability to accommodate industrial activities at its location,” said Harper.