Maverick Arranges $7.5M Financing for 150K-SF Industrial Building
Maverick Commercial Mortgage, Inc. has funded a first mortgage loan for $7.5 million with a repeat borrower, 1788 Holdings, LLC, for a multi-tenant building located at 1120 E. 89th Street in Chicago, Illinois.
The loan, provided by a regional bank, is a five-year loan that will be swapped at closing to provide a competitive five-year fixed rate loan. A portion of the loan proceeds will be used for capital improvements to the property post-closing.
The subject property is a fully occupied multi-tenant industrial building on Chicago’s south side. The building is 100% leased to the Chicago Transit Authority and SCR Transportation. This is Maverick’s second time closing a loan with 1788 Holdings, a Maryland-based national real estate investment firm specializing in purchasing and repositioning older industrial properties and outdoor storage properties. Maverick also financed the closing of the adjacent properties with this borrower allowing for the creation of an industrial park.
Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories.
With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.