Maverick Commercial Mortgage, Inc. closed a $1,304,000 first mortgage on a two-story retail and general office property located in downtown Oak Park, Illinois. The two-story masonry constructed building was built in 1911. It is constructed of red brick and has ornamental prairie style limestone detailing. The property is listed on the National Register of Historic Places as a contributing building in the Ridgeland-Oak Park Historic District.
The borrower acquired the property in 2011 and has since performed a complete gut-rehab of the first and second floors. The second floor has a variety of office tenants. The first floor was leased to an experienced restauranteur opening his 5th location. The property was 100% occupied at loan closing.
The recourse loan was funded by a regional lender. The term on the loan is 5 years and amortizes over a 25 year schedule. Proceeds from the loan paid off the existing first mortgage, returned equity to the borrower, and paid for closing costs. This is the second time Matthew Cohen of Maverick Commercial Mortgage has financed this asset. The first financing was 5 years ago and required refinancing due to maturity of the prior mortgage.
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.