Maverick Commercial Mortgage, a Chicago-based commercial mortgage banking firm, arranged both bridge and subsequent permanent financing in the amount of $5.4 million at a 10-year fixed rate from a national lender for JWW Robinland, LLC. The investment property, Ravinia Estates, is a 217-site 74-acre mobile home park located at 1103 Robindale Drive in Fenton, Missouri.
The bridge loan enabled the borrowers to fully renovate the infrastructure of the park including new signage, retaining walls, perimeter fencing, new office, parking lot, new asphalt, sealcoating, and significant tree removal. They invested in excess of $150,000 in capital improvements. Upon completion of the turnaround, Maverick Commercial Mortgage was able to secure permanent financing that paid off the existing bridge lender, return equity to the borrowers, and pay for closing costs.
“This closing represents our commitment to structuring financing that helps our clients meet their long-term goals for income-producing properties,” said Ben Kadish, president and founder, Maverick Commercial Mortgage. “We turn to trusted lenders to arrange mortgages with competitive terms.”
The borrower is a private real estate investment firm that specializes in the acquisition of income-producing properties and offers bridge financing in the form of both real-estate-secured debt as well as preferred equity.