Matthew S. Cohen of Maverick Commercial Mortgage is proud to announce the closing of two acquisition loans on two multi- family properties located in South Bend, Indiana.
One property, located at 1921-35 Greenock Street, is a 100% occupied, eight-unit property comprised of four buildings made up entirely of two-bedroom units. The other property, located at 2030 Lathrop Street, is a 26-unit property comprised of six buildings with a mix of 19 one-bedroom units and seven two-bedroom units and is 92% occupied.
Both loans have a 5-year fixed-rate term that amortize over a 25 year schedule. The recourse loans have a break-funding prepayment provision. Proceeds from the loan funded 72% of project costs which included the acquisition of the subject proper- ties and associated closing costs. This is the first loan closed by Mr. Cohen on behalf of this borrower.
