Maverick Commercial Mortgage, Inc. closed a $13.55 million ground-up stretch senior construction loan provided by a Midwest-based debt fund for the owner and developer of a to-be-built 30-unit multifamily apartment building in Evanston, Illinois.

The borrower acquired the site, previously a parking lot, in 2024. The borrower upzoned and permitted the property over the last two years. The stretch senior construction loan proceeds will fund the construction of the building at a higher-than-market loan-to-cost. Construction of the building is expected to be completed by 2027.

The property, located just four blocks West of Northwestern University, will comprise several standard multifamily apartment rentals, as well as affordable units. The borrower will self-perform the construction of the building.