Matthew S. Cohen of Maverick Commercial Mortgage is proud to announce the closing of an acquisition loan for a six unit multi-family property in Chicago’s Wicker Park neighborhood. The property is in close proximity to Wicker Park and equidistant to the bustling intersections of North, Damen, and Milwaukee Avenues as well as Division, Ashland and Milwaukee Avenues. The multi-family property features three, two bed x one bath + den units and three, one bed x one bath units. The building has separate utilities for each unit including individual central heating and air conditioning and water heaters. The units feature hardwood floors, granite countertops, stainless steel appliances, marble bathrooms and in-unit washers and dryers. The building was 100% occupied at the time of acquisition.
The 5-year fixed-rate loan amortizes over a 30 year schedule. The borrowers were able to lock in their rate upon application signing at a rate below 3.50%. The loan has a step-down prepayment provision. The borrowers did not have to pay a lender origination fee, lender legal fee or any expenses related to third-party reports. The loan also featured a two-year refinance provision that allows the loan to be refinanced with the lender anytime after the first two years without any prepayment penalty. This enables the borrowers to extend the remaining term on their loan and to receive cash-out. Proceeds from the loan funded approximately 70% of the total acquisition cost. This is the first loan closed by Matthew Cohen on behalf of this borrower and the third loan closed with this lender in the last six months.
