Benjamin Kadish of Maverick Commercial Mortgage closed four first mortgage loans in Indiana on the following portfolio of multi-family properties:
Breckenridge Apartments, is a 168 unit multi-family property located in Portage, Indiana. Pet-friendly, Breckenridge Apartments features a clubhouse, laundry facility, playground, easy access to public transportation and a swimming pool.
Point West (248 sites) and Point West II (108 Sites) manufactured housing communities located in West Lafayette, Indiana. ust northwest of Indianapolis, this prime location provides easy access to Interstate 65 and the greater Indianapolis metropolitan area in addition to Purdue University, Columbian Park Zoo, Indiana Beach, Celery Bogs, Wolf Park, Performing Art Venues, and many local shops and restaurants. Community amenities include a basketball court, new playground and community clubhouse.
Williamsburg Manor is a 223-site manufactured housing community on a 35-acre site in Valparaiso, Indiana. The improvements include 223 sites, a 2,940-square-foot office/clubhouse (built in 2007), a small maintenance shop, a picnic canopy, playground and a basketball court. Most of the improvements were built in 1971. The roads are asphalt with concrete sidewalks/curbs.
The non-recourse loans all featured 10-year terms amortized over a 30-year schedule. The loans were limited to 65 percent of value and a 1.35 debt-service coverage ratio. The rates were locked at well below 4.2 percent. Proceeds from the loans paid off existing debt and returned equity to the borrowing entities. The loans closed 60 days after execution of term-sheets.
Maverick Commercial Mortgage has closed in excess of $60M with this borrower over the past 5 years. Lender legal counsel was provided by Edwin C. Cox of Troutman Sanders. Borrower legal counsel was provided by K.C. Cohen of Indianapolis, Indiana.
