Maverick Arranges $4M Financing for 81-Unit MF Portfolio
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Chicago-based Maverick Commercial Mortgage, Inc. has funded a first mortgage refinance loan for $4 million with a repeat borrower based in Lafayette, Indiana.
The portfolio is 81 units spread across 15 different buildings, 14 buildings in Frankfort, IL and one in Rossville, IN, and the portfolio is at 97 percent occupancy. The loan, provided by a regional lending institution, is a 10-year fixed-rate loan, with interest only for the first year.
The rate is fixed at a low spread over the 5 Year US Treasury and will readjust at the same base rate and spread in five years. The loan has a 25-year amortization, and the proceeds of the loan were used to repay existing debt and to return equity to the sponsors.
Maverick Arranges $4M Financing for 81-Unit MF Portfolio
Maverick Arranges $4M Financing for 81-Unit MF Portfolio
[ad_1]
Chicago-based Maverick Commercial Mortgage, Inc. has funded a first mortgage refinance loan for $4 million with a repeat borrower based in Lafayette, Indiana.
The portfolio is 81 units spread across 15 different buildings, 14 buildings in Frankfort, IL and one in Rossville, IN, and the portfolio is at 97 percent occupancy. The loan, provided by a regional lending institution, is a 10-year fixed-rate loan, with interest only for the first year.
The rate is fixed at a low spread over the 5 Year US Treasury and will readjust at the same base rate and spread in five years. The loan has a 25-year amortization, and the proceeds of the loan were used to repay existing debt and to return equity to the sponsors.
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