Maverick Commercial Mortgage’s Matthew Cohen recently closed two Fannie Mae loans in the amounts of $3,355,000 and $1,870,000 for a portfolio of multifamily properties located on Chicago’s North Side.
Collateral for the combined financings represented six buildings and a combined 36 units located in the Lakeview, Wrigleyville, and Wicker Park Neighborhoods. All apartments were updated to condo-quality finishes and had zero deferred maintenance.
The non-recourse, 55% loan to value Fannie Mae loans have a fixed-interest rate for a period of 10 years and featured full-term interest-only. The loans featured no interest reserve holdbacks.
Proceeds from the loan paid off the existing lender, returned equity to the borrowing entity, and paid for closing costs. Cohen was able to close the loans at proceeds above the applied-for amount and an interest rate below what was in the term-sheet. The loan was funded by a national lender.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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