Mag Mile Capital recently announced that Bob Scarantino had secured a total loan of $8.85 million to cover the purchase of three investment properties in New Jersey: a medical/dental office space in Hammonton, a multitenant office space in Egg Harbor Township and another multitenant flex property with two buildings in Hammonton.
Mag Mile Capital is a full-service commercial real estate mortgage banking firm headquartered in Chicago with offices in New York, Massachusetts, Connecticut, Florida, Texas, Michigan, Colorado and Nevada.
“This was a complex deal involving multiple properties and maximum leverage, but we’re happy to close this one smoothly at an excellent rate,” Scarantino said. “The first three-unit space is 100% occupied with medical and dental tenants. Nearly 70% of the space is fitted for medical and is occupied by Liberty Dialysis. The property in Egg Harbor is a low-rise office building with over 90% occupied — four of five units. And the flex property actually consists of two buildings, one built in 1986, the other in 1994. Both buildings represent 58,860 square feet and all four units are occupied.”