Mag Mile Capital (MMCP) Closes Record $223.5M Bridge Loan for 636-Unit Fort Lauderdale Multifamily and Retail Development

Core Insights - Mag Mile Capital, Inc. announced the successful closing of a $223.5 million bridge loan for a mixed-use multifamily and retail development in Fort Lauderdale, marking the largest single financing transaction in the company's history [1][9]. Financing Details - The financing involves a 636-unit mixed-use property with multifamily residences and 10 commercial retail suites, highlighting the firm's capability to structure large institutional financings as commercial real estate lending activity accelerates [3][4]. - The loan was arranged on behalf of a New York-based debt fund and was used to retire the initial construction loan, fund interest reserves, and cover closing costs [5]. - The financing structure includes floating-rate bridge loan terms with leverage at 76% loan-to-cost and 75% loan-to-stabilized value, providing flexibility for the sponsor [6]. Transaction Structure - The transaction carries a three-year term with two one-year extension options, priced at a floating rate of 1-month SOFR plus 3.15% [7]. - The transaction was led by Mag Mile Capital's Senior Vice President and Head of Originations, Matt Weilgus, who worked closely with institutional lending partners [7][8]. Market Context - The transaction reflects the growing interest in South Florida's multifamily and mixed-use real estate sector, driven by population growth and expanding employment markets [9][10]. - Developments that combine multifamily housing and retail components are increasingly attractive as they support residential demand and local commercial activity [10]. Company Reputation - Mag Mile Capital's involvement in this transaction underscores its reputation for structuring complex bridge loans and institutional debt solutions for large commercial real estate projects nationwide [11].