Maverick Funds $8,400,000 First Mortgage Loan for Chancellor Farms MHC in Fenton, Missouri
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Maverick Commercial Mortgage has arranged a $8,400,000 loan for Chancellor Farms, a 284-site manufacturing housing community in the St. Louis area. Developed in 1988, amenities include a clubhouse, swimming pool and park. The permanent loan has a term of 10 years and amortizes over a 30-year schedule. Loan proceeds refinanced the existing first mortgage, paid for closing costs and returned equity to the borrower.