Mag Mile Capital Secures $8 Million Bank Syndication Financing for Manufactured Home Park in Boardman, OR
Summary
The loan, structured with a 65% loan-to-cost (LTC) ratio, was secured with a five-year term, an initial 18-month interest-only period during development, followed by a 25-year amortization schedule. The transaction was facilitated by two of Mag Mile Capitals senior leadership team members, CEO, Rushi Shah and SVP of Underwriting and Originations, Prabhat Jayara.The successful execution of this deal underscores Mag Mile Capitals deep expertise in structuring and securing optimal financing solutions for investors and developers across all commercial real estate asset classes. "This transaction highlights our ability to deliver tailored financing solutions for manufactured housing communities, said Rushi Shah, Chairman and CEO of Mag Mile Capital. Its personnel have collectively closed over $9 billion in real estate financing during their combined 34 years of experience in this industry.For the latest details on Mag Mile Capital investments, visit our website at: www.magmilecapital.com and follow us on social media: Facebook, Twitter, LinkedIn, Instagram.The Company believes that this press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. For further information on such risks and uncertainties, you are encouraged to review the Companys filings with the Securities and Exchange Commission ("SEC), including its quarterly report on Form 10-Q for the fiscal period ended September 30, 2024.