Industrial property

Mag Mile Capital Completes $1.2M Permanent Loan Financing for Industrial Property on Chicago’s North Shore

CHICAGO, May 9, 2022 /PRNewswire/ — Mag Mile Capital is pleased to announce Cody HarperVP of Originations got a $1,150,000 permanent debt financing in respect of an owner-occupied industrial/warehouse property located at 5115 Church Street in Skokie, Ill..

The 30,500 square foot property is 90% leased to House of Rental, a second-generation family-owned tool, equipment and party rental company that has served Chicago North Shore for over 50 years. “I worked for House of Rental during my summers in high school and college delivering rental gear and setting up large canopy tents for street festivals, weddings and other special events,” said said Harper. “This experience of hard work gave me discipline and drive at a young age,” he added.

The loan financing features a fixed interest rate of 3.95%, a ten-year loan term and a 15-year amortization schedule that will provide a nearly debt-free asset for the next generation of homeowners. “Despite a rapidly rising interest rate environment, we were able to attract significant interest from lenders and obtain very attractive prices given the property’s proximity to the surrounding affluent north. Chicago suburbs and given the property’s unique ability to accommodate industrial activity in its location,” said Harper.

“The process they conducted has garnered considerable attention from a number of reputable companies Chicago-banks in the area, and I was able to refinance my property quickly, smoothly and without hidden costs,” said Chris Wright, President & Rental House Owner. He added: “I recommend Cody Harper and Mag Mile Capital because they are constantly looking for the best conditions available on the market.”

Media Contact:
Samantha L. Rivera, Operations Coordinator
(312) 640-7426, [email protected]

SOURCE Mag Mile Capital