Chicago & Midwest + North Side + Finance | December 2, 2020

Maverick Closes Loans on North Side Portfolio

Maverick Commercial Mortgage’s Matthew Cohen recently closed two Fannie Mae loans in the amounts of $3,355,000 and $1,870,000 for a portfolio of multifamily properties located on Chicago’s North Side.

Collateral for the combined financings represented six buildings and a combined 36 units located in the Lakeview, Wrigleyville, and Wicker Park Neighborhoods. All apartments were updated to condo-quality finishes and had zero deferred maintenance.

The non-recourse, 55% loan to value Fannie Mae loans have a fixed-interest rate for a period of 10 years and featured full-term interest-only. The loans featured no interest reserve holdbacks.

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 loans at proceeds above the applied-for amount and an interest rate below what was in the term-sheet. The loan was funded by a national lender.

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About Paul Bubny

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).

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