Maverick Commercial Mortgage, Inc. has funded a first mortgage loan for $7,500,000 with a repeat borrower based in Bethesda, Maryland, for a multi-tenant building located at 1120 E. 89th Street in Chicago. The loan, provided by a regional bank, is a five-year loan that will be swapped at closing to provide a competitive five-year fixed rate loan. A portion of the loan proceeds will be used for capital improvements to the property post-closing.
The subject property is a fully occupied multi-tenant industrial building on Chicago’s South Side. The building is 100% leased to two tenants, Chicago Transit Authority and SCR Transportation. The industrial market on the south side is effectively close to full occupancy.
This is Maverick’s second time closing a loan with this client. Maverick financed the closing of the adjacent properties with this borrower allowing for the creation of an industrial park by this borrower.
The borrower, 1788 Holdings, LLC, is a Maryland based national real estate investment firm specializing in purchasing and repositioning older vintage light industrial properties and industrial outdoor storage properties.
