Maverick Commercial Mortgage Closed A $22,895,000 Bridge Loan On A 90 Unit Multi-Family Property Located In Bloomingdale, Illinois
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Benjamin L. Kadish of Maverick Commercial Mortgage is proud to announce the closing of a $22,895,000 bridge loan for a 105,300 square foot, 90-unit new construction multi-family property located in Bloomingdale, Illinois. The project consists of (3) 24 unit buildings and (1) 18 unit building all with 2 bedroom and 2 bathroom apartments and 180 parking spaces. Each unit has a large open living space that offers the ability to entertain guests while also providing great relaxation work areas throughout the home. There is plenty of kitchen space for food prep and storage, the large kitchen island doubles as great space for extra seating. With in-unit laundry and a private bathroom attached to the main bedroom, these units have it all including stainless-steel appliances, stove, oven, refrigerator, dishwasher, air conditioning and pets are allowed.
The non-recourse bridge loan was funded at completion of construction and paid off the non-recourse construction loan that was funded in March 2020. The loan paid off the existing first mortgage, funded an interest reserve, returned equity to the borrowing entity and paid for closing costs. The website for the property is https://www.rentnoah.com/bloomingdaletrails. This is the first multi-family property developed in Bloomingdale in more than a decade. The project has a walking path, BBQ and picnic area and is close to the many shops and restaurants along Army Trail Road. A new 243,000 sf Woodman’s Food Market is scheduled to open in the next few months at Stratford Square Mall, about four blocks from the site.
Maverick Commercial Mortgage has closed in excess of $150M with this borrower over the past 18 months and has additional loans in process with the borrower. John Skoubis of Skoubis Mantas, LLC provided legal counsel for the borrower.
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.