Maverick Commercial Mortgage Closed A $6,127,000 First Mortgage Loan with Centier Bank For Chase Center Office Building located in Lafayette, Indiana
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Benjamin L. Kadish of Maverick Commercial Mortgage is proud to announce the closing of a $6,127,000 first mortgage loan with Centier Bank for the Chase Center Office Building located at 201 Main Street in Lafayette, Indiana.
The property is an existing office building containing 128,574 square feet of gross building area, of which 85,806 square feet is gross building office area and the remaining 42,768 square feet is a three-level parking garage. Net rentable office area is approximately 76,232 square feet and the parking garage contains 93 spaces. The improvements were constructed in 1970 and are 93% leased. The borrower has owned the property since 2000 and has made and continues to make improvements to the property.
The fixed-rate first mortgage loan has a term of six years and after the first year of interest only payments, amortizes on a 25 year schedule. Proceeds from the first mortgage were limited to 75% of value and they paid off existing debt, funded real estate upgrades, tenant improvement and leasing commission escrows, paid for significant capital improvements to the property including new elevators and extensive HVAC modernization, all of which will significantly lower the building’s energy consumption and vastly improve the tenant’s daily experience.
Mr. Jim Shook, Shook Realty Group, is responsible for management and leasing of the properties. Mr. Shook is a 38 year commercial real estate veteran with extensive expertise in brokering all types of real estate, owning and managing a variety of commercial real estate assets, land development, construction and employs a full-time staff able to handle any type of asset/property management needs. Please direct any management inquiries to Jim at firstname.lastname@example.org. All leasing inquiries should be directed to Creighton Shook at email@example.com.
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.