Matthew S. Cohen of Maverick Commercial Mortgage has announced the closing of a Freddie Mac loan for a 13-unit multi-family property located at 1049 N. Paulina in the Wicker Park neighborhood of Chicago, Illinois.
Collateral for the financing included a beautiful timber-loft style building featuring 13 units comprising a mix of one- and two-bedroom units. All apartments were updated to condo-quality finishes, including granite countertops, stainless steel appliances, marble bathrooms with heated floors, separate utilities, in-unit laundry and near floor to ceiling windows.
The 20 year term, non-recourse, 55% loan to value Freddie Mac loan has a fixed-interest rate for a period of 10 years, a floating rate period of 10 years, and amortizes over a 30-year schedule. Proceeds from the loan paid off the existing lender, returned equity to the borrowing entity, and paid for closing costs.
Mr. Cohen was able to close the loan at the exact proceeds, rate and terms applied for. This was the third multi-family loan Mr. Cohen closed on behalf of this borrower in the last 5 months. The loan was funded by a national lender.