Mag Mile Capital, Inc. is pleased to announce the successful closing of an $8 million bank syndication program financing in connection with the horizontal construction and capitalization of a manufactured home park to be developed in Boardman, Oregon.
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 Capital’s senior leadership team members, CEO, Rushi Shah and SVP of Underwriting and Originations, Prabhat Jayara.
“This transaction highlights our ability to deliver tailored financing solutions for manufactured housing communities,” said Rushi Shah, Chairman and CEO of Mag Mile Capital. “We are proud to have structured a financing solution that aligns with the client’s investment strategy and enhances their portfolio’s growth potential.”
“This closing was unique and special because it highlights Mag Mile Capital’s access to diverse capital sources and our ability to find a needle in a haystack in form the lender” said Prabhat Jayara, Senior Vice President of Originations and Underwriting of Mag Mile Capital. “The capital source for this transaction is a non-traditional bank syndication program suited for this non-traditional asset class in a non-primary market.”
The deal successfully closed on February 3, 2025, marking another milestone for Mag Mile Capital in delivering innovative capital stacks for real estate investors nationwide.
Mag Mile Capital (OTCQB: MMCP) (“Mag Mile”, or the “Company”) 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 34 years of experience in this industry.
