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Chicago & Midwest  + Midwest  + Finance  | 

Maverick Arranges $22.5M in First Mortgages for Indiana Portfolio

Maverick Commercial Mortgage has closed on a total of $22,522,000 in first mortgage loans on a portfolio of multifamily properties across Indiana. The company has secured a total of $60 million in loans for the unidentified borrower over the past five years.

The properties included the 168-unit Breckenridge Apartments in Portage, IN; the 248-site Point West and 108-site Point West II manufactured housing communities in West Lafayette, IN; and the 223-site Williamsburg Manor manufactured housing community in Valparaiso, IN.

The non-recourse loans all feature 10-year terms and amortize over a 30-year schedule. The loans were limited to 65% of value and a 1.35x debt service coverage ratio. The rates were locked at well below 4.2%. Proceeds paid off existing debt and returned equity to the borrowing entities.

Lender legal counsel was provided by Edwin C. Cox of Troutman Sanders. Borrower legal counsel was provided by K.C. Cohen of Indianapolis.

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About Paul Bubny

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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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