Maverick Commercial Mortgage Funds A $13,500,000 First Mortgage For An Industrial Property in Niles, Illinois
- Posted by admin in Maverick News
- No Comments
-
Benjamin L. Kadish, President of Maverick Commercial Mortgage, Inc. announces the closing of a first mortgage loan on a 360,000 net rentable square foot industrial—flex—office complex in Niles, Illinois.
The borrowers are a partnership between Harley Kahn of REA Commercial Real Estate and JDI Realty. Kahn is an experienced real estate operator, manager, and owner. JDI Realty is a Chicago based, sophisticated private equity firm that has been engaged in the acquisition and financing of over $2 billion of virtually every type of real estate since 1988. This represents JDI and Harley Kahn’s third transaction and they remain actively looking for additional opportunities.
The property is ideally situated on approximately 18 acres in an in-fill submarket. The borrower purchased the property in the spring of 2018. At that time, the property was effectively 70% occupied by a diverse, long-term tenant base. The borrowers have stabilized lease terms and increased occupancy to over 92%. They are actively marketing the remaining space through Kahn of REA Commercial Real Estate (847-676-0030).
The non-recourse fixed-rate loan has a term of 10-years, an interest rate below 4%, and one-year of interest only payments followed by a 29-year amortization schedule. Proceeds from the loan paid off the existing lender, covered closing costs, funded real estate tax, tenant improvement, and leasing commission reserves, and returned equity to the borrowing entity.
The loan was funded by a national lender. The borrower was represented by Roy L. Bernstein of Saul Ewing Arnstein & Lehr, LLP. The sponsors are repeat borrowers of Maverick Commercial Mortgage.
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. Please contact Ben Kadish at 312-268-6000, 312-953-4344, or at ben.kadish@mavcm.com.