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Home Depot in Chatham Scores $14M First Mortgage
Maverick Commercial Mortgage, Inc. has closed on a $14-million first mortgage loan for 200 W. 87th St., a 103,550-square-foot, triple-net leased Home Depot in the Chatham neighborhood on Chicago’s South Side. The loan, provided by a regional bank, is a 10-year, floating rate, non-recourse loan on a 25-year amortization.
The bank executed a 10-year swap, which provided a fixed-rate execution at a very competitive spread. Proceeds from the loan paid off the existing lender, provided cash-out to the borrower and paid for closing costs. Processing time from term sheet to closing was 62 days.
This represents the third time Maverick’s Benjamin L. Kadish has financed this Home Depot property, whose location off the Dan Ryan Expressway contributes to high sales volume. A new 10-year lease was signed with MG Development Limited Partnership earlier in 2022. Lease negotiations were handled by Great Street Realty and Oxford Development Partners.
- ◦Financing
