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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.
- ◦Sale/Acquisition
