Maverick Commercial Mortgage Closed Two First Mortgages Loans For $72,502,000 On Multi-Family Portfolios in Chicago, Illinois
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Benjamin L. Kadish of Maverick Commercial Mortgage is proud to announce the closing of two first mortgage loans for $72,502,000. The first portfolio is for $53,942,000 for Galewood Flats on the northwest side of Chicago. The second portfolio is for $18,560,000 for apartments located in Chicago, River Grove and Elmwood Park.
The portfolios consisted of 10 buildings comprising 327 apartments. Unit mixes within the buildings ranged from 2 bedroom x 2 bathroom apartments to 4 bedroom x 3 bathroom apartments. All units are condo quality and feature granite countertops, stainless steel appliances, high-efficiency HVAC units, upgraded bathrooms and flooring and parking. The portfolio was 85% occupied at loan closing.
The proceeds from the recourse loans were used to take-out existing bridge and construction loans and provide a bridge to permanent financing.
Maverick previously provided various construction loans for the multi-phase project at Natchez and bridge loans on the other properties.
The financing allowed the borrower to dramatically reduce the cost of capital with the new loan.
Maverick Commercial Mortgage has closed in excess of $123M with this borrower over the past 3 months and has additional loans in process with the borrower. 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.