Mag Mile Capital secures $24M construction financing for Cleveland housing expansion. The real estate finance company arranged a construction loan for an 87-unit multifamily residential project in Richmond Heights, Cleveland. The mixed-use development spans 128,000 square feet with debt funding approximately 80% of project costs at a floating rate of roughly 6% over one-month SOFR. Despite the significant financing milestone, MMCP shares declined sharply, trading around $0.44 in pre-market activity on March 18 following a steep approximately 20% drop. The loan arrangement with DealPoint Merrill represents continued activity in the residential real estate finance sector amid evolving interest rate environments.
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