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Atlanta & Southeast  + Carolinas  + Retail  | 
Pine Holdings, LLC, has purchased the retail property at 424 Pine Street in Highlands, NC for $1.6 million.

Retail Property in Great Smoky Mountains Town of Highlands Trades for $2M

Mag Mile Capital has closed a loan for $1.6M to help a client purchase a former Bank of America branch location in the mountain town of Highlands, NC.

Matt Weilgus of Mag Mile Capital represented borrower Pine Holdings, LLC, in the acquisition of a 7,200-square-foot two-story building located in a community frequented by seasonal tourists.

“This was a rather complicated deal because the building is currently vacant,” said Matt Weilgus. “The broker held the below-market interest rate for us, even in the face of a rapidly rising interest-rate environment, and we negotiated for the additional tenant improvement reserve needed to fund future expenses for the borrower.”

Loan Details

  • Total Loan Amount: $1,575,000
  • Interest Rate: 3.65% fixed
  • Amortization: 25-year amortization schedule
  • Loan Terms: Five-year term, 25-year amortization schedule, 3.65% fixed interest rate, .5% lender origination fee, no prepayment penalty, full recourse, 75% LTC inclusive of future funding reserve for tenant improvement allowance and leasing commission.

Inside The Story

Mag Mile Capital's Weilgus

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

  • ◦Sale/Acquisition