Benjamin L. Kadish, President of Maverick Commercial Mortgage, Inc. funded a $2,500,000 first mortgage loan on a 110 unit courtyard building located in the Kenwood neighborhood of Chicago, Illinois. The five year first mortgage was funded by a Chicago based financial institution for the LLC that has owned the property for the last 37 years.
The fixed rate loan allows the owners to refinance the current debt and complete the capital improvement project that started a few years ago, which includes upgrading many apartment units in the pre-war property. Other planned improvements include new gutters, concrete repairs, and energy upgrades including a new boiler.
Funding will allow the LLC to acquire an adjacent land parcel and the land will be improved with a new asphalt and concrete surface, new security fencing, and secure access from the alley in the rear of the property for construction of a 50 space parking lot. Maverick Commercial Mortgage, Inc. secured a financial institution that was interested in making loans in the Chicago neighborhood at competitive rates and on a very timely basis. The timeframe from receipt of initial information to closing took less than 60 days.
The counsel for the borrower is David Goldstein of David L. Goldstein & Associates. The property is managed by Redel Rentals.
Maverick has funded several commercial mortgage loans on the South Side of Chicago during 2014.
