Mag Mile Capital Arranges $5,675,000 Senior Loan with CPACE for an Adaptive Reuse Project in Minneapolis, MN
Mag Mile Capital, Inc.
MINNEAPOLIS, Oct. 25, 2023 (GLOBE NEWSWIRE) — Mag Mile Capital (OTC: MMCP) proudly announced that Cody Harper, VP of Originations, arranged $5,175,000 of senior debt financing from a Minnesota-based bank and an additional $500,000 of commercial property assessed clean energy (“CPACE”) financing on behalf of CDT Realty Corporation – a Minneapolis-based developer. CDT plans to complete an adaptive-reuse development of two existing brick and timber loft buildings totaling 50,000 square feet located in Northeast Minneapolis at 501-505 1st Ave NE. Constructed in 1910, the buildings will be connected with a new elevator lobby and fully renovated to create lux-loft office space, retail shops, and a variety of tenant amenities. The project, named Burlap Lofts (www.burlaplofts.com) aims to blend high design with historic charm in the already booming East Bank/Nicollet Island submarket.
Building features will include a club room with tenant lounge and full kitchen, large screen tv’s and gaming, private call booths, break-out/meeting spaces, rooftop garden terrace, curated art featuring Minneapolis artists and sculptors, a grand entrance with courtyard terrace and outdoor seating, and on-site Harmony Coffee offering on-demand delivery to building tenants. Building interiors will highlight the existing industrial features of exposed brick and timber, antique steel-clad fire doors, high ceilings, huge windows, and new polished concrete floors throughout. CDT is listing between 2,000-40,000 square feet available for lease with occupancy beginning early Spring 2024.
CDT’s principal, Chad Tepley, is a repeat client of Harper and Mag Mile Capital. “Chad has a talent for finding underutilized assets and creating a new and fresh product in the marketplace. It will be fun to see the energy this project brings to the neighborhood,” said Harper.
The 81% loan-to-cost debt ratio combines floating-rate construction-period financing with fixed-rate permanent debt and 20-year, fixed-rate CPACE financing. “It’s no secret that office space is taboo in today’s market, so it was critical to find lending partners who shared my excitement with this location and the unique spaces that we will be offering.”
With this loan closing Mag Mile Capital highlights how to use Commercial Property Assessed Clean Energy (CPACE) financing as an innovative tool that provides a relatively low-cost, long-term financing for energy efficiency, renewable energy, water conservation, and resiliency projects in commercial buildings. “By pairing construction-to-permanent bank financing with CPACE, Cody arranged above-market loan proceeds on a hard to finance property type in a challenging capital market environment. Cody set up a repeat client for success,” commented Mag Mile Capital CEO Rushi Shah
About Mag Mile Capital – Turning Relationships into Closings Since 1991
Mag Mile Capital is a boutique full-service commercial real estate mortgage banking firm headquartered in Chicago with offices in the states of New York, Massachusetts, Connecticut, Florida, Texas, and Nevada. Mag Mile Capital is a national platform comprised of capital markets specialists with extensive experience in real estate bridge financing, mezzanine and permanent debt placement and equity arrangements throughout the full capital stack and across all major real estate asset classes. The firm offers preferred access nationwide to high-leverage, non-recourse, commercial real estate bridge loans and permanent mortgages with cash out financing for hotels, self-storage, multifamily, industrial, retail, office, and other commercial real estate property, offering access to structured debt and equity advisory solutions and placement for real estate investors, developers, and entrepreneurs, Mag Mile Capital leverages a wide variety of lending relationships and equity capital connections as a leading national real estate mortgage intermediary. Its personnel have collectively closed over $9 billion in real estate financing during their combined 32 years of experience in this industry.
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Forward-Looking Statements
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. Terms such as “may,” “might,” “would,” “should,” “could,” “project,” “estimate,” “pro-forma,” “predict,” “potential,” “strategy,” “anticipate,” “attempt,” “develop,” “plan,” “help,” “believe,” “continue,” “intend,” “expect,” “future,” and terms of similar import (including the negative of any of these terms) may identify forward-looking statements. Such forward-looking statements, including but not limited to statements regarding the plans and objectives of management for future operations, are based on management’s current expectations and are subject to risks and uncertainties that could cause results to differ materially from the forward-looking statements. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the accuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, market acceptance of the company’s products and services; competition from existing products or new products that may emerge; the implementation of the company’s business model and strategic plans for its business and our products; estimates of the company’s future revenue, expenses, capital requirements and need for financing; current and future government regulations; and developments relating to the company’s competitors. Readers are cautioned not to place undue reliance on forward-looking statements because of the risks and uncertainties related to them. For further information on such risks and uncertainties, you are encouraged to review the Company’s filings with the Securities and Exchange Commission (“SEC”), including its Current Report on Form 8-K relating to the reverse acquisition and related transactions which was filed with the SEC on March 31, 2023. The Company assumes no obligation to update any forward-looking statements as a result of new information or future events or developments, except as required by law.
Media Contact:
Rushi Shah
Chairman & CEO
+1.847.722.9192
rshah@magmilecapital.com
www.magmilecapital.com
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