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Mag Mile Capital Arranges Refi on Ann Arbor Offices
Mag Mile Capital’s Chicago office recently closed a $7,000,000 loan for 600 S. Wagner Rd., a 128,000-square-foot office/flex space in Ann Arbor, MI. The recourse loan was closed through a regional credit union with a 3.75% interest rate.
The property is occupied by a cooperative, entrepreneurial community. Members include professionals from startups and established companies across several sectors, including life sciences, drug discovery, medical devices, alternative energy, mobility, robotics and business development. The types of spaces that are offered include wet labs, turn-key offices, production areas, specialty work areas, collaborative spaces, warehouse storage, co-working areas, and conference rooms.
“The loan retired an existing maturing loan, lowered the sponsors’ rate, increased their amortization from 20 to 25 years, and provided cash-out that the sponsor is planning to invest back into the building envelope,” said Rushi Shah, principal and CEO of Mag Mile Capital.
- ◦Financing
