IllinoisFinance Maverick Commercial Mortgage secures $13.5M in financing for Niles industrial property December 16, 2019 Share on Facebook Share on Twitter Share on LinkedIn Share via email Maverick Commercial Mortgage, Inc. closed a first mortgage loan on a 360,000-net-rentable-square-foot industrial/flex/office complex in Niles, Illinois. The borrowers are a partnership between Harley Kahn of REA Commercial Real Estate and JDI Realty. Kahn is an experienced real estate operator, manager and owner. JDI Realty is a Chicago-based private equity firm that has been engaged in the acquisition and financing of over $2 billion of virtually every type of real estate since 1988. This represents JDI and Harley Kahn’s third transaction and they remain actively looking for additional opportunities. The property is situated on approximately 18 acres in an infill submarket. The borrower purchased the property in the spring of 2018. At that time, the property was effectively 70 percent occupied by a diverse, long-term tenant base. The borrowers have stabilized lease terms and increased occupancy to over 92 percent. The non-recourse, fixed-rate loan has a term of 10 years, an interest rate below 4 percent and one year of interest-only payments followed by a 29-year amortization schedule. Proceeds from the loan paid off the existing lender, covered closing costs, funded real estate tax, tenant improvement and leasing commission reserves, and returned equity to the borrowing entity. The loan was funded by a national lender. The borrower was represented by Roy L. Bernstein of Saul Ewing Arnstein & Lehr, LLP. The sponsors are repeat borrowers of Maverick Commercial Mortgage.