Maverick Commercial Mortgage, Inc. Announces $14,000,000 Permanent Financing On A Home Depot in Chicago, IL
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Maverick Commercial Mortgage, Inc. Announces $14,000,000 Permanent Financing On A Home Depot in Chicago, IL Benjamin L. Kadish, President of Maverick Commercial Mortgage, Inc. announces the closing of a first mortgage loan on March 31, 2022 for 200 West 87th Street, a triple net leased Home Depot located in Chicago, Illinois. A new ten year lease was signed with MG Development Limited Part-nership earlier in 2022. Lease negotiations were handled by Great Street Realty and Oxford Development Partners.
The property is 103,550 square feet and was expanded with an exterior garden center. The location off of the Dan Ryan Expressway makes this very high volume store for Home Depot.
The Home Depot is located in Chicago’s Chatham neighborhood. The loan, provided by regional bank is a 10 year, floating rate, non-recourse loan on a 25 year amortization. The bank executed a 10 year swap which provided a fixed rate execution at a very competitive spread. Proceeds from the loan paid off the existing lender, provided cash-out to the borrower, and paid for closing costs. Processing time from term sheet to closing was 62 days.
Legal work for the transaction was handled by John Joyce, Esq. of Gordon & Rees Scully Mansukhani for the borrower and Adam Mo-reland of Chuhak & Tecson for the lender.
This is the third time Benjamin L. Kadish of Maverick Commercial Mortgage has financed this Home Depot property.
About Maverick Commercial Mortgage, Inc.
Maverick Commercial Mortgage, Inc., arranges a wide variety of commercial real estate loans ranging from $2,000,000 to $100,000,000 for its middle market real estate developer and investor clients.
Please contact Ben Kadish at 312-268-6000, 312-953-4344, or at firstname.lastname@example.org.