Maverick Commercial Mortgage funds a $10,250,000 First Mortgage Loan For Byrnes Mills MHC in House Springs, Missouri
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The subject property is a 372 site manufactured housing community. This community is situated in Jefferson County, which includes the greater St. Louis Metropolitan area. The community is an all age neighborhood providing both a peaceful retirement setting and suitable environment for family life. The property has an outdoor pool and clubhouse, along with much green space adjacent to the property. The setting is rural with a serene entrance into the community where pride of ownership is obvious. The community was developed in 1986 with concrete paved streets with concrete curbs and gutters. Each space allows for one or two off-street parking spaces. The office and clubhouse and swimming pool also has additional parking.
Funding was provided by a national lender sourced by Ben Kadish, President of Maverick. The bridge loan has a term of 16 months and amortizes on a 30 year schedule. Proceeds from the loan refinanced the existing first mortgage, funded a reserve to be used for new house purchases, paid for closing costs, and returned equity to the borrowing entity. MHPI, the property management company has overseen the renovation of 25 properties located in the Midwest, and has invested significant dollars into new roads, infrastructure and amenities at many of the company’s manufactured housing communities.
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.