By Tina Traster
Mortgage banking firm Mag Mile Capital has secured a loan of $8.85 million to cover the purchase of three investment properties in Atlantic County.
The company, which is based in Chicago, said the assets include a medical and dental office space at 392 White Horse Pike and a two-building, multitenant flex complex at 897 12th St., both in Hammonton, plus a multitenant office space at 6727 Delilah Road in Egg Harbor Township. Mag Mile arranged the debt on behalf of NTG Realty Holding LLC.
“This was a complex deal involving multiple properties and maximum leverage, but we’re happy to close this one smoothly at an excellent rate,” said Bob Scarantino, a senior vice president with Mag Mile Capital.
In a news release, the firm said the three-unit medical and dental space in Hammonton is 100 percent occupied, with Liberty Dialysis accounting for more than two-thirds of that total. The Egg Harbor property is a low-rise office building with more than 90 percent occupancy across four of its five units, while the flex asset consists of two buildings constructed in 1986 and 1994, with 58,860 square feet across four fully occupied units.
Tina Traster is a freelance writer and the editor of Rockland County Business Journal. She is also a former business writer for Crain’s New York Business, real estate writer for the New York Post and staffer at the Bergen Record.