Maverick Commercial Mortgage, Inc. closes loan for $1,580,000 for Maplepark Marketplace.
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Maplepark Marketplace is a community retail and service center located at the southwest corner of 115th Street and Halsted Ave in Chicago.
The timing from initial inquiry to funding was 60 days on this fixed rate loan request.Benjamin L. Kadish, President of Maverick Commercial Mortgage, Inc. announces the closing of a 10 year fixed rate loan on the 28,332-square foot retail property, which is shadow anchored by an Aldi Store located at 115th and Halsted, Chicago, IL and a Walgreen’s along 115th Street.
The property which was developed in 2006 is situated on a 3.36 acre site and is 90% leased. Tenants include Pullman Bank and Trust, Uber, Metro PCS, YWCA, DTLR and a mix of other retail and commercial tenants. The loan was funded by a national non-bank portfolio lender on a 25 year amortization.
Sponsor, Thomas Morabito, has owned and developed the property since 2006. The leasing is handled by Joe Padorr of Seneca Real Estate. Property management is handled by Avison Young. Legal work for the LLC was handled by Ms. Joey Waldman, of Fisher Cohen Waldman Shapiro, LLP of Glenview.
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 Benjamin L. Kadish at 312-268-6000, 312-953-4344, or at ben.kadish@mavcm.com.