Maverick Commercial Mortgage Closed A $26,515,000 Bridge Loan On 67 To Be Built Condominiums Located in Chicago, Illinois
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Benjamin L. Kadish of Maverick Commercial Mortgage is proud to announce the closing of a $27,500,000 bridge loan for a project that upon completion, will consist of 52 for sale townhomes and 15 for sale condominiums. Eight of the 15 condominiums will be affordable. The property will also feature a clubhouse available for use by all unit owners.
The non-recourse bridge loan which is subject to a completion guaranty is interest only. The term of the bridge loan is 12 months and has two options to extend for six months each. The loan has no pre-payment penalty but is subject to a minimum yield provision. Proceeds from the loan paid off the existing construction lender, funded additional hard costs, funded an interest reserve, and paid for closing costs.
This represented one of two financings Maverick Commercial Mortgage closed on behalf of this borrower in the same week. They are a repeat borrower of Maverick Commercial Mortgage having closed well in excess of $250M on their behalf in the last three years.
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.