Maverick Commercial Mortgage Closed A $2,685,398 First Mortgage For Shadeland Manufactured Housing Community in Shadeland, Indiana
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Benjamin L. Kadish of Maverick Commercial Mortgage is proud to announce the closing of the first mortgage for Shadeland Manufactured Housing Community (MHC) located at 2351 State Road 25 W in Shadeland, Indiana. The community has 48 lots that are currently 98% occupied.
The fixed-rate first mortgage has a term of five years and after the first year of interest only payments, amortizes over a 30- year period. The financing also featured an initial funding and two future earn-outs. The initial funding amount was $1,485,398 that refinanced existing debt and paid for closing costs. The borrower will be able to make two requests to increase the loan amount of $600,000 per request. There are currently 48 developed pad sites on the property. The borrower will be eligible to make the first increase request after 12 additional pad sites are developed, bringing the total pad sites to 60, and 12 new homes are brought onto those pad sites. The borrower would be eligible for the second increase after 12 additional pad sites are developed, bringing the total developed pad sites to 72 and 12 new homes are brought onto all newly developed pad sites. Additionally, each increase is subject to underwriting requirements of a maximum LTV of 80%, minimum DSCR of 1.40 and 97% occupancy for T-6 months.
The loan was funded 49 days after lender receipt of the signed term-sheet. The financing was provided by a national lender that focuses on financing MHCs. Maverick Commercial Mortgage has closed in excess of $50M with this lender over the past 12 months. Christopher D. Shelmon of Gutwein Law out of the Lafayette, Indiana office represented the borrower in this transaction.
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.