Mag Mile Capital and the group’s Senior Vice President Mac Dobson recently completed a $12,500,000 seven-year fixed rate, 73% LTV limited recourse loan with Bryan Rishforth and R&R Global Partners. The subject property, located in the near northwest suburb of Lincolnwood at 6850 McCormick Blvd, is anchored by a new online and goods pick-up platform by Walmart (NYSE: WMT). Walmart underwent an extensive buildout a few months ago. This future location will be the first of its kind open to the public in the world. The rest of the space is leased to one of the highest performing Planet Fitness (NYSE: PLNT) gyms.
R&R Global Partners purchased the building in 2015 after an unsuccessful attempt at redevelopment by the property’s former owner. The building was unoccupied for two years after a Chicago-area grocery store, Dominick’s, left the market in 2013. Although most of the area’s locations were bought by other grocers such as Whole Foods, R&R Global Partners predicted that the location would be a perfect site for a Planet Fitness gym. After the quick expansion of the gym’s membership base, they entertained several competitive offers and decided to bring in Walmart Pick-up, the newest internet-proof grocery concept.
“We briefly explored selling the property after signing Walmart, but we got linked up with Mac through a mutual business associate and began exploring options to refinance the asset instead,” said Bryan Rishforth. “Mac put a number of loan executions in front of us, allowed us to compare various recourse and non-recourse options, and then delivered an incredible deal with First MidWest Bank. We look forward to a growing relationship with Mac and the Mag Mile team.”
Mag Mile Capital is a full-service, commercial real estate mortgage and investment banking firm based in Chicago. The firm specializes in debt placement, equity arrangement, tax credit syndication, and real estate brokerage and advisory. They are well-known for their disciplined approach that leverages its extensive network of lending relationships and client and equity sponsors. For nearly three decades, the group has collectively funded over $8.5 billion in debt, equity, tax credit, and mezzanine financing for multifamily, office, hotel, industrial, industrial, healthcare, self-storage, and special purpose properties. Mag Mile Capital operates throughout the United States and the Caribbean.
R&R Global Partners is excited to have worked with Mag Mile Capital and look forward to seeing their development property flourish.