Maverick Commercial Mortgage Closed A $29,125,000 Bridge Loan On A Four Property, 118 Unit Multi-Family Portfolio Located in Chicago and Surrounding Suburbs
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Benjamin L. Kadish of Maverick Commercial Mortgage is proud to announce the closing of a $29,125,000 bridge loan for a four property, 118 unit multi-family portfolio located in Chicago, Roselle, Oak Park and River Grove Illinois. Each property is a new construction multi-family building and were at various stages of completion and occupancy.
The highly structured, non-recourse bridge loan which is subject to standard carve-outs featured a high advance rate, along with future fundings available. The bridge loan is interest only with a loan term of up to 2 years with some extensions thereafter. The loan paid off the existing first mortgages, funded an interest reserve, returned equity to the borrowing entity and paid for closing costs.
Maverick had previously funded the non-recourse construction loan for Roselle Station in March 2019 and for 6033 W North Avenue in February 2020.
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.