Maverick Commercial Mortgage closed two Fannie Mae loans for a portfolio of multifamily properties located on the North Side of Chicago.
Collateral for the combined financings represented six buildings and a combined 36 units located in the Lakeview and Wicker Park neighborhoods. All apartments were updated to condo-quality finishes and had zero deferred maintenance.
The non-recourse, 55 percent loan to value Fannie Mae loans have a fixed-interest rate for a period of 10 years and featured full-term interest-only. The “tier 3” loans featured no interest reserve holdbacks. Proceeds from the loan paid off the existing lender, returned equity to the borrowing entity and paid for closing costs.
Matthew Cohen was able to close the loans at proceeds above the applied for amount and an interest rate below what was in the term-sheet. The loan was funded by a national lender.