Maverick Commercial Mortgage, Inc. has funded a first mortgage loan for $2.4 million with a repeat borrower based in Indianapolis.
The loan, provided by a Midwest lending institution, is a five-year competitive fixed-rate loan. The loan has a 5,4,3,2,1 prepayment penalty. The proceeds of the loan were used to retire the acquisition financing and for a partner buyout.
The subject property is 97% leased to 30 tenants, many of which are long term. It is a 30,000 SF office building in downtown Indianapolis. The building was built in 1911 and renovated in 2006 with restored original woodwork, tile work, and terrazzo flooring throughout the building. The property features 30 surface parking spots. About Maverick Commercial Mortgage, Inc.
