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.
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 GlobeSt.com 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).