Maverick Commercial Mortgage, Inc. Announces $763,000 Permanent Financing On a 12 Unit Multi-Family Property in Chicago, IL.
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Maverick Commercial Mortgage, Inc. Announces $763,000 Permanent Financing On a 12 unit Multi-Family Property in Chicago, IL. Benjamin L. Kadish, President of Maverick Commercial Mortgage, Inc. announces the closing of a first mortgage loan on August 4th, 2022 for 3257-59 West 62nd Place and 6239-6243 Spaulding Avenue in the Marquette Park neighborhood Chicago, IL.
Each unit is 2 beds 1 bathroom, the borrower purchased the building in March 2021, performed a full gut-rehab of all 12 units and put $250,000 into repairs and improvements on the property, installed central air and heat, replaced all furnaces in the rehab. In addition, the kitchen, baths, and floors were redone in each unit.
The Marquette Park neighborhood is a comfortable and traditional South Side community centered around a 300 acre park of the same name. The park contains an 18 hole golf course and driving range, as well as a system of scenic lagoons and 2.25 mile walking/jogging trail.
The buildings are only minutes from a full interchange with I-94 and 87th Street. Residences in Marquette Park are mainly brick bungalows and other single-family homes. As is customary in the southern reaches of Chicago, the lots are tightly-packed with rear garages and enough backyard for barbecuing and letting the kids play outside. And because there is such a large number of families that live in Marquette Park, several elementary and high schools have been established in the area. Solid restaurant and retail business exists along the neighborhood’s main border streets, where residents go to shop for groceries, see a movie and grab a bite.
The funding of a $763,000 first mortgage loan on the 12 Unit multi-family located at 3259 W 62nd Pl, Chicago, IL. The loan has a 30 year term (30 year am) with an interest rate fixed at 6.6%. The lender funding the loan is a Midwest financial institution. The borrower is a project manager at Windy City Solutions, a cash buyer for residential properties, specializing in improvements and repairs for a greater return.
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.