Matthew S. Cohen of Maverick Commercial Mortgage, Inc. is proud to announce the closing of a first mortgage on an 8 unit multi-family property located at 4320 North Francisco in Chicago’s Ravenswood Manor neighborhood.
The property is just West of Horner Park and features six 2 bed x 1 bath + office units and two 1 bed x 1 bath units, six exterior parking spots as well as a two car garage. The borrower purchased the building on July 23, 2020. Since acquisition, the borrower has made significant investments to completely gut rehab the entire building to condo quality condition. Each unit features hardwood floors, tall ceilings, central heat and air conditioning, quartz countertops, stainless steel appliances, dishwashers, marble bathrooms, western facing balconies, and in-unit washer and dryer. The borrower has made significant capital improvements in the asset including: new windows, appliances, flooring, bathrooms, roof, water heaters, HVAC’s and tuck-pointing. Leasing commenced in mid-July and the property is now 100% leased. At the time of loan funding, the property was 100% leased and 7 of the 8 units were paying rent.
The 10-year fixed-rate, non-recourse loan amortizes over a 30 year schedule. The loan has a step-down prepayment provision. Proceeds from the loan were limited to 90% of project costs. The funding returned equity to the borrowing entity and paid for closing costs. This is the first loan closed by Mr. Cohen on behalf of this borrower.
