Mag Mile Capital (OTCQB: MMCP) closed a record $223.5 million senior bridge loan for a 636-unit mixed-use multifamily and retail development in Fort Lauderdale on March 10, 2026. The deal was completed in under 30 days, carries a three-year term plus two one-year extensions, and is priced at 1-month SOFR + 3.15%.
Proceeds retire construction debt, fund interest reserves, and cover closing costs; leverage was 76% loan-to-cost and 75% loan-to-stabilized value.
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Positive
Record $223.5M bridge loan closed, largest transaction in firm history
636 residential units plus 10 retail suites positioned in high-growth South Florida market
Fast execution: financing completed in less than 30 days
Negative
High leverage at 76% loan-to-cost may increase refinancing risk
Floating-rate pricing at 1-month SOFR + 3.15% exposes cash flows to rising short-term rates
03/10/2026 – 07:00 AM
Fort Lauderdale, Florida–(Newsfile Corp. – March 10, 2026) – Mag Mile Capital, Inc. (OTCQB: MMCP), a commercial real estate capital markets and mortgage banking firm, announced the successful closing of a $223.5 million bridge loan for a major mixed-use multifamily and retail development in Fort Lauderdale, Florida, marking the largest single financing transaction in the company’s history.
Closing Tombstone
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The financing involves a 636-unit mixed-use property featuring multifamily residences and 10 commercial retail suites, a transaction that underscores the firm’s growing ability to structure large institutional financings as commercial real estate (CRE) lending activity accelerates nationwide. The milestone deal further highlights Mag Mile Capital’s expanding presence in the U.S. commercial real estate capital markets.
The financing was completed in less than 30 days, highlighting Mag Mile Capital’s ability to structure and execute large-scale commercial real estate financing transactions for institutional-quality assets across the United States.
The Fort Lauderdale mixed-use property consists of 636 luxury apartment units and 10 commercial retail suites, positioning the asset within one of the fastest-growing multifamily housing and mixed-use real estate markets in South Florida.
The loan was arranged on behalf of a New York-based debt fund that structured the financing with the project’s developer and sponsor. Proceeds from the $223.5 million bridge loan were used to retire the initial construction loan, fund interest reserves, and cover closing costs, while positioning the property for continued stabilization and long-term performance.
Strategic Bridge Financing for High-Growth Market
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 as leasing activity continues across the residential and commercial components of the property.
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%.
Mag Mile Capital Senior Vice President and Head of Originations Matt Weilgus led the transaction, working closely with the firm’s institutional lending partners to secure senior financing aligned with the sponsor’s capital strategy.
“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.”
Largest Deal Highlights Growing CRE Capital Markets Platform
According to Mag Mile Capital Principal Rushi Shah, the transaction represents a significant milestone for the firm and reflects its expanding role within the commercial real estate financing and structured debt markets.
“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.”
Fort Lauderdale CRE Market Continues to Attract Institutional Capital
The transaction comes as South Florida’s multifamily and mixed-use real estate sector continues to attract strong investor interest driven by population growth, migration trends, and expanding employment markets across the region.
Developments combining multifamily housing and retail components have become increasingly attractive investment targets as developers seek to create walkable urban environments that support residential demand and local commercial activity.
Mag Mile Capital’s involvement in the transaction underscores the firm’s growing reputation for structuring complex bridge loans and institutional debt solutions for large commercial real estate projects nationwide.
Transaction Snapshot
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
About Mag Mile Capital
Mag Mile Capital, Inc. (OTCQB: MMCP) is a nationwide commercial real estate mortgage banking and capital markets firm specializing in bridge loans, agency financing, CMBS, FHA/HUD lending, and structured debt solutions across major property sectors including multifamily, mixed-use, hospitality, retail, office, and industrial real estate. The firm works with institutional lenders, debt funds, and private capital sources to deliver customized financing strategies for real estate investors and developers throughout the United States. For more information, please visit www.magmilecapital.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/287842
FAQ
What did Mag Mile Capital (MMCP) announce on March 10, 2026 about the Fort Lauderdale loan?
They closed a $223.5 million senior bridge loan for a 636-unit mixed-use project. According to Mag Mile Capital, proceeds retire construction debt, fund interest reserves, and cover closing costs while positioning the asset for stabilization.
What are the key loan terms for the MMCP-arranged Fort Lauderdale financing?
The loan is a three-year floating-rate bridge with two one-year extensions and priced at 1-month SOFR + 3.15%. According to Mag Mile Capital, leverage tested at 76% loan-to-cost and 75% loan-to-stabilized value.
How quickly did Mag Mile Capital (MMCP) complete the $223.5M bridge loan for the Fort Lauderdale property?
Mag Mile Capital completed the financing in under 30 days, demonstrating rapid deal execution. According to Mag Mile Capital, the speed reflected coordinated institutional relationships and a compressed timeline for closing.
Who provided the financing arranged by Mag Mile Capital for the Fort Lauderdale development?
A New York-based debt fund served as the senior capital provider for the $223.5M bridge loan. According to Mag Mile Capital, the fund structured terms with the project’s developer and sponsor to refinance construction debt.
What risks should investors note about the MMCP-arranged Fort Lauderdale bridge loan?
Key investor risks include high leverage and floating-rate exposure that may increase refinancing and interest-rate risk. According to Mag Mile Capital, the structure uses interest reserves and extension options to help manage stabilization timing.