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Mag Mile Capital (OTC MYSN) has announced a significant financial deal led by Cody Harper, VP of Originations, securing a $20 million cash out senior mortgage for a light industrial R&D/Flex property in San Jose, California. This 96,780 square foot facility is fully leased to Veeco Instruments, a semiconductor equipment manufacturer, under a long-term lease established in January 2021. The mortgage agreement features a 55% loan-to-value ratio, a 5.86% fixed interest rate, and full-term interest-only payments. Harper emphasized the deal's importance, noting the ability to attract lender interest amid rising rates, showcasing the firm’s capability to connect investors and sponsors. CEO Rushi Shah highlighted the strategic value of going public for team expansion and fostering a team-centered culture.
Mag Mile Capital, based in Chicago, announced its merger with Myson, Inc. (MYSN) on April 6, 2023. The merger establishes a new public entity named Mag Mile Capital, Inc., with Rushi Shah as CEO and Chairman. This merger aims to enhance the company's growth through a public company framework, leveraging cash infusion and the liquidity of publicly traded shares for strategic acquisitions.
Shareholders of Mag Mile Capital will receive 87,424,424 shares of Myson common stock, reflecting an 88% interest in the company. Furthermore, the new entity has issued 5,000,000 warrants totaling a potential investment of $2.5 million. The merger is set to diversify revenue streams and integrate advanced technologies for efficient scaling. The long-term vision includes developing a full-service commercial real estate ecosystem.
