Maverick Commercial Mortgage announced the closing of a $39 million mortgage for Cedar Street Capital’s new multifamily property in Chicago’s River North neighborhood.
Maverick secured a high-loan-to-cost, fixed-rate construction loan along with a mini-permanent loan from a pension fund adviser. The loan will financing the rehabilitation of a ground-up new construction on a vacant lot and the gut redevelopment of an adjacent outdated office building on 676 North LaSalle.
The new complex will include 149 apartments and 10,200-square-feet of ground floor retail space.
