Maverick Commercial Mortgage, Inc. Announces A $4,710,000 First Mortgage Loan on Two Multi-Family Properties In Phoenix, Arizona
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Benjamin L. Kadish, President of Maverick Commercial Mortgage, Inc. announces the closing of a first mortgage loan for 3002 and 3012 North 40th Street in Phoenix, Arizona. The subject properties include a 13-unit and 14-unit complex that have been completely renovated. The renovations included gut rehabs of the interiors that feature new countertops, updated cabinets, stainless steel appliances, and vinyl wood flooring. The borrowers also updated the curb appeal of the property by providing new landscaping, added amenities of a fire pit, BBQ area, bocce ball court and covered seating area. They also painted the exterior of the buildings, and added wood and metal accents to modernize the asset’s exterior.
The redevelopments in and surrounding neighborhood offers tenants immediate access to many local retail and dining establishments that have turned the submarket into one of the most dynamic markets in all of Phoenix. The properties are positioned between two of Phoenix’s premier employment centers, The Camelback Corridor & the 44th street / gateway corridor, offering a combined 58,000 employees, more than five million square feet of class “a” office space, and some of the highest paid salary positions in Phoenix.
The 5-year fixed-rate non-recourse financing amortizes on a 30 year schedule. Proceeds from the loan paid off the existing lender, returned equity to the borrowing entity, and paid for closing costs. Maverick Commercial Mortgage financed the acquisition and rehab loan for the 3012 North 40th Street asset. Maverick Commercial Mortgage was able to close the loan at proceeds above the amount applied for and at a rate lower than applied for.
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.