Maverick Commercial Mortgage Closed A $4,395,000 Bridge Loan On 17 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 $4,395,000 bridge loan for a project that upon completion, will consist of 17 for sale condominiums. 15 of which are market rate and two are affordable. There will be seven two bed x two bath units and ten three bed x two bed units. All condominiums will come with one parking spot.
The recourse bridge loan only charged interest on disbursed funds. The term of the bridge loan is 15 months and has no prepayment penalty. The bridge loan is interest only. The loan paid off the existing first mortgage, funded an interest reserve, funded project rehab and completion costs 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 firstname.lastname@example.org.