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Maverick Provides Loan for Pilsen Co-living Project
Following its financing of a commercial development in the West Side’s historic Pilsen neighborhood, Maverick Commercial Mortgage, Inc., has followed suit in the residential sector. It’s providing $17 million from a regional bank to fund the construction of Common Adams, a co-living project that will reportedly be the largest of its type in the Midwest.
Common Adams represents the third partnership in Chicago between New York City-based residential brand Common and CityPads. The development will offer four stories of co-living apartments meant to provide a stress-free, all-inclusive living environment.
The 223-bed project is expected to open in 2020, and will include 54 four-bedroom units, 59 on-site parking spaces and more than 5,000 square feet of amenity space for the residents, called Common members.
This past December, Maverick announced $33 million in financing for Condors Partners’ Mural Park, a loft-style office project underway in Pilsen.
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