Mag Mile Capital Completes $4.69 Million Loan for Multifamily Apartments
MagMileCapital
happily announced that Rushi Shah, Principal and CEO;
Prabhat Jayara, Vice President of Originations; and Fran -
cisco Nacorda, SVP of Originations all recently completed
a $4,690,000 five-year loan to help a client secure a
luxury multifamily residence located right in the heart of
Chicago’s Gold Coast district. The property is one of the
few rental properties amidst predominantly condo buildings
in the neighborhood. Mag Mile Capital is a boutique-
sized firm that offers preferred access nationwide
to high-leverage, non-recourse, commercial real estate
bridge loans and permanent mortgages with cash out for
hotels, self-storage, multifamily, industrial, retail, office,
and other commercial real estate properties.
here was the tight acquisition timeline during a
time when appraisers, surveyors, environmental inspectors,
etc. were all quoting long timelines to get reports
back to us,” said Jayara. “Add that to the challenge of
getting an out-of-state buyer approved with a new lender
– one with whom they had never done business with –
and I’m sure you understand some of the dif ficulties we
faced. But we were up to the task.”
apartments and over 1,300 square feet of commercial
space,” said Rushi Shah. “The Chicago Gold Coast is
an affluent part of the city that is absolutely historic and
stunning. And with ample access to businesses, fine dining,
shopping, and a host of Chicago’ s other attributes,
this property is a crown jewel for any real estate investor
in the area. We were extremely happy to help Mr. Polselli
purchase this property and we look forward to working
with him again in the future.”
Gold Coast Neighborhood
Address: 200-202 E. Walton Street, Chicago
Total Loan Amount: $4,690,000
Interest Rate: 3.7%
Amortization: 30 years
Loan Terms: 5 year
Investor Type: Private real estate investor, Remo Polselli
“Everyone working at Mag Mile are absolute professionals,”
said a representative of The Private Equity
Fund, LLC. “And it was a pleasure and a relief to see
how deftly they performed each step of this complicated
financing task. I just don’ t think I would have seen
such a positive outcome from any other mortgaging firm
– and certainly not under the time constraints that Mag
Mile had to work with. I am extremely pleased with the
outcome.”
Mag Mile Capital: Past Client Testimonials
I was told is that a CMBS loan was not possible for this
hotel. This was my first CMBS transaction, and thanks to
Rushi and his team, it has been a great learning experi -
ence.” –T.J. Patel of Pavansut Hotels, LLC
deep experience in this industry working with many professionals.
Rushi delivered and came through on every -
thing he said he would do.” –Joseph G. Gillespie, Inner
Circle Founder and CEO
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estate mortgage banking firm headquartered in Chicago
with offices in New York, Massachusetts, Connecticut,
Florida, Texas, Michigan, Colorado, and Nevada. Mag
Mile Capital is a national platform comprised of talented
capital markets advisors with extensive experience
in real estate debt placement and equity arrangement
throughout the full capital stack and across all major
asset classes nationwide.
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 American real
estate mortgage facilitator. Learn more at: www.MagMileCapital.
com.
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