Maverick Commercial Mortgage, Inc. Announces $4,500,000 Financing On a 240,000 Square Foot Building in Trenton, New Jersey.
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Maverick Commercial Mortgage, Inc. has funded a first mortgage loan for $4,500,000 with a borrower based in Potomac, MD. The loan, provided by a debt fund, is a 12 month variable rate acquisition loan. The loan proceeds will be used to purchase the property, pay real estate taxes, and carry the loan.
The subject property is a 16-story, 240,000 square foot office building located in Downtown Trenton, NJ. Borrower plans to convert the building into a multifamily residential property after in-place leases expire at the end of 2023. The building features ground floor retail, four floors of an enclosed above grade parking garage with 192 spaces, and the remaining 11 floors of office space.
The property lies in a Qualified Census Tract, which gives it a 30% increase from normal LIHTC (Low Income Housing Tax Credits) Credit allowances. The bridge loan will give the developer sufficient time to process the application for low income housing tax credits, and pre-pare architectural and construction drawings for the redevelopment of the property into a multi-family and commercial building.
The borrower is a Maryland based developer. This is Maverick’s first time closing on behalf of this client.
Maverick was contacted for this loan on July 13, 2023 and closed a loan on a vacant building within six weeks by focusing on active bridge lenders that are able to review, quote, approve, document, and close loans within four weeks after issuance of a term sheet with a closing on August 25, 2023.
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.