Maverick Commercial Mortgage, Inc. Announces $12,700,000 First Mortgage On Four Manufactured Housing Communities in Springfield, Illinois and Des Moines, Iowa
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Benjamin L. Kadish, President of Maverick Commercial Mortgage, Inc. announces the closing of a first mortgage loan on behalf of MHPI, Inc. The four manufactured housing communities are owned and managed by MHPI, Inc. The portfolio of manufactured housing communities represented 303 total pads. Three of the communities located in Springfield were built within the last 15 years and were built to last thanks to concrete streets, curbs, and home site pads. The community located in Des Moines has spacious lots, a clubhouse with a swimming pool, community room, and small self-storage facility.
The 7 year, fixed rate, partial-recourse loan has a 25 year amortization schedule. Proceeds from the loan paid off the existing lender, and paid for closing costs. The loan was funded by a national lender. The borrower was represented by Arnold Weinberg of Much Shelist. The sponsors are repeat borrowers of Maverick Commercial Mortgage.
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 Ben Kadish at 312-268-6000, 312-953-4344, or at ben.kadish@mavcm.com.