Maverick Commercial Mortgage, Inc. Announces $10,659,000 First Mortgage On Palm Beach Gardens, Florida Retail Property
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Matthew Cohen of Maverick Commercial Mortgage, Inc. closed a $10,659,00 first mortgage on a 5.46 acre parcel that is ground leased to Costco Wholesale Corporation for operation of a fueling station. The fueling station is adjacent to an existing Costco that opened in 1989 in Palm Beach Gardens, Florida. The 25-year ground lease commenced in February 2020.
The non-recourse loan was funded via a credit tenant lease (CTL) financing structure. The term on the loan is 23.5 years and is fully amortizing. The 23.5 year fixed-rate was locked at application below 3.00%. CTL financing allows the borrower to maximize proceeds up to 100% loan to value, subject to a minimum DSCR of 1.01. Proceeds from the financing enabled the borrower to pay off the existing first mortgage on the subject property, return equity to the borrowing entity and pay for closing costs.
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 Matthew Cohen at 847-420-3516 or at matt.cohen@mavcm.com.