Maverick Commercial Mortgage Refi’s Big Mobile Home in Downstate Illinois
Benjamin L. Kadish, President of Maverick Commercial Mortgage, Inc. says Maverick has underwritten a first mortgage loan for Tri-Star Estates, an 853 pad mobile home park located in Bourbonnais, IL, Kadish said in a press release.
The 157 acre Tri-Star Estates was developed in three phases with the first in 1965. The current owner acquired Tri-Star in April of 2012 and has intensively rehabbed dozens of dilapidated homes, brought many new singles and doubles, and is financing home purchases to residents through an affiliated, licensed dealer, according to Kadish.
The borrowers have invested significant amounts per year in resident oriented capital improvements in the subject property helping them achieve significant year-over-year increases in occupancy, revenue, net cash flow, and property value, Kadish said.
The loan, provided by PGIM Real Estate, is a Freddie Mac 10 year, fixed-rate, non-recourse loan featuring five years of interest only payments followed by a 30 year amortization. Proceeds from the loan paid off the existing lender, provided cash-out to the borrower, and paid for closing costs.
This is the second time Benjamin L. Kadish of Maverick Commercial Mortgage financed Tri-Star Estates. The first time occurred in 2015 on behalf of the same borrower. Maverick Commercial Mortgage was also instrumental in defeating the 2015 loan in order to permit this refinancing at lower rates.
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