Mag Mile Capital, Inc. , a commercial real estate capital markets and mortgage banking firm, has closed a $223.5 million bridge loan for a mixed-use development in Fort Lauderdale, Florida.
The transaction represents the largest single financing completed by the firm to date. It involves a 636-unit property that combines residential apartments with retail space. The development also includes 10 commercial retail suites.
As commercial real estate lending activity increases across the United States, transactions of this scale reflect the growing role of specialized capital market firms in structuring institutional financing.
The Fort Lauderdale property includes 636 apartment units along with 10 retail suites. The project forms part of a mixed-use development designed to support both residential demand and local commercial activity.
Located in South Florida, the asset sits in a market that has seen steady population growth and housing demand. Because of this, mixed-use developments have attracted interest from developers and investors looking to combine housing with neighborhood retail services.
The loan proceeds were used to retire the original construction financing. In addition, the funds supported interest reserves and closing costs. This structure allows the property to continue stabilizing as leasing progresses across both the residential and retail components.
The bridge loan was arranged for a New York-based debt fund that worked with the project’s developer and sponsor.
The financing structure includes a floating-rate bridge loan with leverage set at 76% loan-to-cost and 75% loan-to-stabilized value. This structure provides flexibility while the project continues to lease units and commercial space.
The loan carries a three-year term. It also includes two one-year extension options.
Pricing for the loan was set at a floating rate of 1-month SOFR plus 3.15%.
Mag Mile Capital Senior Vice President and Head of Originations Matt Weilgus led the transaction and coordinated with lending partners during the financing process.
"Mag Mile Capital was proud to help source the senior capital provider for this project," said Matt Weilgus. "We quickly identified the right lending partner and worked closely with all parties to ensure an efficient execution within a very compressed timeline."
Mag Mile Capital Principal Rushi Shah noted that the transaction represents a significant milestone for the firm’s capital markets platform.
"This marks the largest single deal transaction in Mag Mile Capital's history," Shah said. "Our team leveraged long-standing institutional relationships to identify the right capital provider and deliver a fast execution for a high-quality asset and experienced sponsor."
The deal also highlights the firm’s ability to structure bridge loans and institutional financing for large real estate projects across the United States.
South Florida remains an active market for multifamily and mixed-use developments. Population growth and migration trends have contributed to rising housing demand across the region.
Developers increasingly combine residential units with retail components to create walkable neighborhoods. These projects aim to support both housing needs and local businesses within a single development.
As a result, institutional investors and lenders continue to show interest in financing large mixed-use projects across the region.
Asset: Mixed-Use Multifamily and Retail Property
Location: Fort Lauderdale, Florida
Residential Units: 636 Apartments
Commercial Space: 10 Retail Suites
Financing: $223,500,000 Senior Bridge Loan
Leverage: 76% Loan-to-Cost / 75% Loan-to-Stabilized Value
Loan Term: 3 Years with Two 1-Year Extension Options
Interest Rate: 1-Month SOFR + 3.15%
Originator: Matt Weilgus
Mag Mile Capital, Inc. (OTCQB: MMCP) is a U.S.-based commercial real estate mortgage banking and capital markets firm. The company focuses on bridge loans, agency financing, CMBS, FHA/HUD lending, and structured debt solutions.
It works across several property sectors including multifamily, mixed-use, hospitality, retail, office, and industrial real estate. The firm partners with institutional lenders, debt funds, and private capital providers to structure financing strategies for real estate developers and investors across the United States.
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