
Mag Mile Arranges Loan on Indiana Multi-Tenant Retail
Mag Mile Capital VP Prabhat Jayara completed a $5,700,000, five-year, fixed-rate loan for an 18,440-square-foot retail center in Munster, IN on behalf of Translucence Management. The loan was closed with a 75% loan-to-value and at a fixed interest rate of 4.25% for a 25-year amortization.
The multi-tenant retail property is leased to a mix of national and local tenants. The buyers, who are local entrepreneurs looking to diversify their portfolio, came to Mag Mile for assistance in their first commercial real estate acquisition.
“Retail is viewed nationally as a risky asset class owing to current market conditions, with many bearish lenders painting a broad brush across properties and regions,” said Jayara. “That being the case, we went to a local bank lender to close this deal – one that was both familiar with the strength of the local market as well as the entrepreneurial success of the borrower.”
- ◦Acquisition