Maverick Commercial Mortgage, Inc. Announces $8,550,000 In First Mortgages On Three Mobile Home Parks in Oklahoma
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Benjamin L. Kadish, President of Maverick Commercial Mortgage, Inc. announces the closing of two first mortgage loans collateralized by the following three manufactured housing communities:
Midway Estates is a 116 site community located 20 miles northeast of Tulsa, Oklahoma. Since acquisition, the borrowers have made aesthetic renovations to the homes and paved roads to the community.
Vista Verde is a 114 site community located 20 miles outside of Tulsa, Oklahoma. The borrowers have made improvements to the homes and community enabling them to increase occupancy and pad and house rents.
El Dorado is a 57 site community located in Catoosa, Oklahoma. The community was constructed in 1982 and is situated on a 5.32 acre parcel. Since acquisition, the borrowers executed their business plan of community improvements and increase of lot and home rents.
The non-recourse loans both have a term of three years with two extension options of one year each. The proceeds which were limited to 70% of value paid off the existing lender, covered closing costs, and returned equity to the borrowing entities.
American Dream Communities is an active repeat client of Maverick Commercial Mortgage, Inc. Maverick Commercial Mortgage provided acquisition financing for these assets in 2019. The properties are owned and managed by affiliates of American Dream Communities based in Dallas TX. The firm owns and manages manufactured housing communities in Texas, Oklahoma and Florida and is in the expansion mode at this time. The company specializes in the acquisition and turnaround of MHCs.
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.