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Maverick Arranges Refi on Historic Oak Park Mixed-Use
Maverick Commercial Mortgage, Inc. closed a $1,304,000 first mortgage on a two-story retail and general office property in downtown Oak Park, IL. The two-story masonry constructed building dates from 1911 and is listed on the National Register of Historic Places as a contributing building in the Ridgeland-Oak Park Historic District.
The borrower acquired the property at 100-106 S. Oak Park Ave. in 2011 and has since performed a complete gut-rehab of the first and second floors. The property was 100% occupied at loan closing.
The recourse loan was funded by a regional lender. The term on the loan is five years and amortizes over a 25-year schedule. Proceeds from the loan paid off the existing first mortgage, returned equity to the borrower, and paid for closing costs.
This is the second time Matthew Cohen of Maverick Commercial Mortgage has financed the property. The first financing was five years ago.
- ◦Financing
