Maverick Commercial Mortgage, Inc. Announces $63,192,000 Permanent Financing On A 853 Pad Mobile Home Park in Bourbonnais, IL
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Benjamin L. Kadish, President of Maverick Commercial Mortgage, Inc. announces the closing of a first mortgage loan on March 31, 2022 for TriStar Estates, a 853 pad mobile home park located in Bourbonnais, Illinois. The 157 acre Tri-Star Estates was developed in three phases. The first in 1965. Current owner acquired Tri- Star in April of 2012 and has intensively rehabbed dozens of dilapidated homes, brought many new singles and doubles, and is financing home purchases to residents through an affiliated, licensed dealer. Ownership increased occupancy and lot rent from a great recession low of 380 occupied at acquisition, to current occupancy of 810. NOI has increased dramatically over that time as well. The borrowers have invested significant amounts per year in resident oriented capital improvements in the subject property helping them achieve significant year-over-year increases in occupancy, revenue, net cash flow, and property value. Amenities in the park include a gateway waterfall, 48 square foot digital sign, basketball court, 3 new playgrounds, 7,500 foot clubhouse including a pool, kitchen, and exercise room, as well as the sales and management offices.
The loan, provided by PGIM Real Estate, is a Freddie Mac 10 year, fixed-rate, non-recourse loan featuring five years of interest only payments followed by a 30 year amortization. Proceeds from the loan paid off the existing lender, provided cash-out to the borrower, and paid for closing costs. This is the second time Benjamin L. Kadish of Maverick Commercial Mortgage financed Tri-Star Estates. The first time occurred in 2015 on behalf of the same borrower. Maverick Commercial Mortgage was also instrumental in defeasing the 2015 loan in order to permit this refinancing at lower rates.
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 ben.kadish@mavcm.com.