Maverick Commercial Mortgage Closed A $1,850,000 Acquisition Loan On A 13 Unit Apartment Complex In Phoenix, Arizona
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Benjamin L. Kadish of Maverick Commercial Mortgage is proud to announce the closing of the acquisition and rehab loan for a 13 unit apartment project in Phoenix, Arizona with a new east coast based small balance debt fund. The subject property is located at 3012 North 40th Street in Phoenix, Arizona. The subject property is a 13-unit complex that will be completely renovated to the same level of finish as a project they completed called The Sheffield which is next door to the subject’s location. The unit mix includes 12 two bed x one bath units and one two bed x two bath units along with 28 parking spaces. The redevelopment in and surrounding neighborhood offers tenants immediate access to many local retail and dining establishments that have turned the submarket into one of the most dynamic markets in all of Phoenix. The property is positioned between two of Phoenix’s premier employment centers, The Camelback Corridor & the 44th street / gateway corridor, offering a combined 58,000 employees, more than five million square feet of class “A” office space, and some of the highest paid salary positions in Phoenix.
The non-recourse acquisition and rehab loan which is subject to a good guy guarantee, funded 75% of as-completed value. The loan features a term of 24 interest only months with one six month extension option. The loan also featured a 12-month interest reserve. The loan is open to pre-payment at anytime. The loan was funded by a national lender.
This loan was processed and closed with a new lender and new client within 60 days of receipt of the first communication on the transaction. Maverick was able to source and close the transaction due to full knowledge of lender options during Covid, when many small balance non-recourse lenders were out of the market. The terms provided matched the borrowers needs and expectations.
Clearwaters Capital LLC (“CWC”) is a vertically integrated platform with over 40 years of combined experience in all facets of commercial real estate and over $400 million in transactional experience. CWC owns, renovates, and operates value-add multifamily communities across the Southwest, utilizing their industry experience to create value at all stages of the project’s lifecycle.
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.