Maverick Commercial Mortgage has finalized a $2,500,000 first mortgage loan for a portfolio of multifamily properties located on the North and West Sides of Chicago. Collateral for the first mortgage represented four buildings and a combined 20 units located in the Lincoln Square and Ukrainian Village Neighborhoods.
The partial-recourse, 75 percent loan to value first mortgage financing has a fixed-interest rate for a period of eight 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. The loan was funded by a national lender.
