Benjamin Kadish, president of Maverick Commercial Mortgage, Inc., closed a first mortgage acquisition loan for 116 Spring City Drive in Johnson City, Tennessee.
The firm has funded a first mortgage acquisition loan for $1.575 million with an out-of-state borrower. The property is a 78-site mobile home community with 156 parking spaces on 6.39 acres of land. The property is operating at 97.4% occupancy.
The loan, provided by a Mid-Atlantic bank with a specialty in mobile home lending, is a five-year fixed rate loan with a rate of 5.75%. The loan has a 20-year amortization. This is the first loan that Maverick Commercial Mortgage, Inc. has closed with this borrower.
