
Maverick Closes Freddie Mac Loan on Wicker Park Apartments
Matthew S. Cohen of Maverick Commercial Mortgage closed a $2.67-million Freddie Mac loan for a 13-unit multifamily property at 1049 N. Paulina in the North Side’s Wicker Park neighborhood. Comprising a mix of two-bedroom and one-bedroom units, all apartments in the timber loft-style building have been updated to condo-quality finishes.
The 20-year term, non-recourse, 55% loan-to-value Freddie Mac loan has a fixed-interest rate for 10 years and a floating rate period of 10 years, and amortizes over a 30-year schedule. Proceeds from the loan paid off the existing lender, returned equity to the borrowing entity, and paid for closing costs.
Cohen was able to close the loan at the exact proceeds, rate and terms sought by the borrower. This was the third multifamily loan Cohen closed on behalf of this borrower in the past five months. The loan was funded by a national lender.