Maverick Commercial Mortgage Closed A $17,250,000 Construction Loan On An 80 Unit Apartment Project in River Grove, IL
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Benjamin L. Kadish of Maverick Commercial Mortgage is proud to announce the closing of the construction loan for an 80 unit apartment construction project in Chicago, Illinois. The subject property is located at 2801 Thatcher Avenue in River Grove, Illinois. The project, when complete, will consist of one 32-unit, four 12-unit multi-family new construction buildings comprising 80 total units. All 80 units will be 2 bedroom x 2 bathroom apartments and have one parking space each.
The project is located across Thatcher Avenue from the River Grove Metra Train Station. The project was supported by TIF financing from the Village of River Grove, in order to have two environmentally challenged sites, one vacant for the last 20 years and the old municipal garage cleaned up, and improved with a new multi-family project.
The construction loan funded by a Midwest based financial institution funded 75% of hard and soft costs. The loan features an initial term of 24 interest only months followed by its conversion to a 24 month mini-perm period that amortizes over a 30 year period. The loan is interest only and features two six month extension options.
The site was originally approved for a TIF in 2014 by the Village of River Grove. The village approached the developer, MB Thatcher LLC, after seeing the quality of other developments completed by the developers in the village over the past few years. The units will be marketed by www.rentnoah.com, upon completion. The development team includes Noah Properties and EPI Environmental, and are co-developers for multi-family and for sale townhouse and condo projects on the northwest side, and in the nearby suburbs. Many of these locations are starved for development, and overlooked by the national developers.
Maverick Commercial Mortgage has closed in excess of $150 Million in financings with this borrower over the past 18 months and has additional loans in process with the borrower. Wooden McGlauglin represented the construction lender for the project. Kane, McKenna was the TIF advisor to the Village of River Grove. Jonathan Splitt Architects served as the project architect.
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 Benjamin L. Kadish at 312-268-6000, 312-953-4344, or at ben.kadish@mavcm.com.