CHICAGO – Mag Mile Capital is pleased to announce that Senior Vice President Mac Dobson has completed a $12,500,000 seven-year fixed rate, 73% LTV limited recourse loan on behalf of Bryan Rishforth and Philadelphia-based firm, R&R Global Partners. Located in the near northwest suburb of Lincolnwood at 6850 McCormick Blvd, the subject property is anchored by Walmart’s (NYSE: WMT) new online grocery and consumer goods pick-up concept. Walmart completed an expansive buildout in June, making this location one of the first of its kind to open to the public. The remaining space is leased to a top-performing Planet Fitness (NYSE: PLNT) gym.
“Given R&R Global Partners’ mandate for a highly competitive rate, low fees, leverage and asset flexibility during the term of the loan, we knew it would be critical to present this request to lots of lenders. Our network, combined with the strong tenancy and Bryan Rishforth’s track record of developing dynamic and value-added retail in Cook County, allowed us to get the loan closed quickly and with the desired mix of leverage, rate, and prepay flexibility,” said Dobson.
R&R Global Partners acquired the building in November of 2015, following an unsuccessful redevelopment attempt by its previous owner. The property had been vacant for more than two years after Dominick’s, a Safeway subsidiary that was once a dominant grocer in Chicagoland, exited the market in 2013. Many of the locations were acquired by other grocers like Whole Foods, but R&R Global Partners identified the property as the perfect site for a Planet Fitness, and then brought in Walmart following the rapid expansion of the Planet Fitness membership base.
“We briefly explored selling the property after signing Walmart, but we got linked up with Mac through a mutual business associate and began exploring options to refinance the asset instead,” said Bryan Rishforth. “Mac put a number of loan executions in front of us, allowed us to compare various recourse and non-recourse options, and then delivered an incredible deal with a regional bank. We look forward to a growing relationship with Mac and the Mag Mile team.”
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 network to benefit deep-rooted client relationships. 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. For more information please visit www.magmilecapital.com.
About R&R Global Partners
R&R Global Partners is an international private investment firm. Headquartered in Bryn Mawr, Pennsylvania, the company also has offices in Chicago, IL and Toronto, Ontario. With a strong focus on scalable growth investment, technology, value-added real estate, Qualified Opportunity Zones, Qualified Opportunity Funds and Qualified Opportunity Zone Businesses (QOZ/QOF/QOZB), the company has successfully redeveloped over one million square feet (1,000,000 sf) of commercial retail property. The firm uses disruptive retail strategies, integrated operations and captive technology platforms to create value.
Bryan Rishforth is the firm’s founder and principal. He boasts 25 years of success in the sectors of diversified retail, fitness, real estate, private equity, operations management, mergers and acquisitions and global financial services. Brian Ruck is the firm’s partner leading the Real Estate group. As an experienced senior finance executive with strong technical and operational skills, Mr. Ruck’s financial planning, investment evaluation, performance measurement and lean six sigma experience create an advantage for the firm in monetizing investments. Brian Ruck has over 20 years of real estate investing experience.
This article was originally published by Mag Mile Capital on October 28, 2019.