Maverick Commercial Mortgage Closed A $4,500,000 First Mortgage on Hillcrest and Chiesa Manufactured Housing Communities Located in Rowlett, Texas
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Benjamin L. Kadish of Maverick Commercial Mortgage is proud to announce the closing of the first mortgage for Hillcrest and Chiesa Manufactured Housing Communities. Hillcrest MHC is located at 2500 Forth Worth Drive in Denton, Texas. The park is situated on 5.84 acres. Hillcrest MHC is located in an “enterprise zone” which encourages more commercial development. Because of this, existing housing is much more valuable, as it will provide housing for people who work in the new developments. The surrounding area also has ample retail, schools and churches which makes it a desirable place to live.
Chiesa Estates is located at 7400 Chiesa Road in Rowlett, Texas. It is situated on approximately 19.81 acres. The park is in the path of growth, mainly in the single and multi-family housing arena. There are numerous high-end, single family housing subdivisions in and around this community. The park is within close proximity to churches, schools and shopping. The property features asphalt roads, street lights, city water and sewer, concrete parking and many mature trees.
The 10-year fixed-rate first mortgage was limited to 71% loan to value. The loan was non-recourse and amortized over a 30-year period. Proceeds from the first mortgage paid off the existing lender, returned equity to the borrowing entity, and paid for closing costs. The loan was funded by a national lender.
About Maverick Commercial Mortgage, Inc.
Maverick Commercial Mortgage, Inc., arranges a wide variety of commercial real estate loans ranging from $2,000,000 to $50,000,000 for its middle market real estate developer and investor clients.