Katy, Texas, March 3, 2020 -- LFI Chief Financial Officer Joe Bochenski, along with Mag Mile Capital’s Senior Vice President Matt Weilgus, is pleased to announce the completion of a second short-term bridge loan in the amount of $3,742,500 for Higher Ground Montessori school 's second loan arranged by Mag Mile Capital.

Following the sourcing of its first loan last year, for Higher Ground Montessori school in Katy, Texas, Mag Mile Capital was able to source another similar loan for the newly constructed 10,960 square-foot property located at 9985 Twenty Mile Road in Parker, Colorado.

“Special use retail projects, and Montessori schools in particular, are difficult to place bridge financing for at higher leverage points,” Mag Mile Capital’s Senior Vice President Matt Weilgus said.

Bridge loans are able to be used for harder loans to obtain due to them providing value to a property. Bridge financing provides a short-term bridge allowing a company to cover short-term costs while the project stabilizes and the long term financing can be secured.

The interest-only, non-recourse loan features an 89% loan-to-cost ratio.

“Once again, Matt Weilgus and Mag Mile Capital’s persistence and creativity in assisting LFI to the closing table on this complex bridge loan transaction is greatly appreciated,” Joe Bochenski, CFO of LFI, said. “Matt and his team continue to demonstrate their willingness to advocate on behalf of their client and showed us how they differentiate themselves in a competitive marketplace.”

About LFI

Founded in 1973 by Michael H. Rose as a full service real estate development company, located in Mokena, IL, LFI is a vertically integrated real estate company focused on the acquisition, development, and creation of innovative commercial real estate solutions for its real estate portfolio consisting of more than 100 properties across the U.S., with a concentration in the Chicagoland area, ranging from small to large size retail centers, medical office buildings, prime commercial buildings, single tenant retail with large national or regional tenants, to be developed properties, large manufactured home communities, industrial parks, and hotels, currently valued in excess of $500 million.

About Mag Mile Capital

Chicago-based Mag Mile Capital is a full-service, commercial real estate mortgage and investment banking firm. The boutique firm offers preferred access to best-in-class debt placement, equity arrangement, tax credit syndication, real estate brokerage and advisory through a high-touch, disciplined approach that leverages its extensive lending relationships and deep-rooted client and equity sponsors. During the past 27 years, team members have collectively funded over $8.5 billion in debt, equity, tax credit and mezzanine financing for hotel, multifamily, office, retail, industrial, healthcare, self-storage and special purpose properties throughout the United States and the Caribbean.

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