Mag Mile Capital’s Prabhat Jayara of the firm’s Chicago office completed a $5,700,000, five-year, fixed-rate loan for a 18,440-square-foot retail center in Munster, Indiana on behalf of Translucence Management.
Located at 8201-8231 Calumet Avenue in Munster, the multi-tenant retail property is leased to a mix of national and local tenants, has visibility and accessibility from Calumet Avenue, and is approximately 30 miles from Chicago. The property is situated in a retail corridor including Target, Starbucks and Panera Bread, among others.
The buyers, who are local entrepreneurs looking to diversify their portfolio, came to Mag Mile for assistance in their first commercial real estate acquisition. Its location is less than one-mile north of the 458-bed Community Hospital Emergency Room, which provides consistent vehicle traffic for the tenancy.
The $5.7 million loan was closed with a 75% loan-to-value and at a fixed interest rate of 4.25% for a 25-year amortization.