Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Maverick Closes Acquisition Loan on Wicker Park Apartments
Maverick Commercial Mortage’s Matthew S. Cohen closed a $1,240,000 acquisition loan for a six-unit multi-family property in the North Side’s Wicker Park neighborhood. The property is near Wicker Park and equidistant to the intersections of North, Damen, and Milwaukee avenues as well as Division, Ashland and Milwaukee avenues.
The five-year fixed-rate loan amortizes over a 30-year schedule. The borrowers were able to lock in their rate upon application signing at a rate below 3.50%. The loan has a step-down prepayment provision.
The multifamily property features three two-bed x one bath + den units and three one-bed x one bath units. The building has separate utilities for each unit including individual central heating and air conditioning and water heaters.
The units feature hardwood floors, granite countertops, stainless steel appliances, marble bathrooms and in-unit washers and dryers. The building was 100% occupied at the time of acquisition.
- ◦Financing
