April 16, 2019
Maverick Commercial Mortgage has closed on a total of $22,522,000 in first mortgage loans on a portfolio of multifamily properties across Indiana. The company has secured a total of $60 million in loans for the unidentified borrower over the past five years.
The properties included the 168-unit Breckenridge Apartments in Portage, IN; the 248-site Point West and 108-site Point West II manufactured housing communities in West Lafayette, IN; and the 223-site Williamsburg Manor manufactured housing community in Valparaiso, IN.
The non-recourse loans all feature 10-year terms and amortize over a 30-year schedule. The loans were limited to 65% of value and a 1.35x debt service coverage ratio. The rates were locked at well below 4.2%. Proceeds paid off existing debt and returned equity to the borrowing entities.
Lender legal counsel was provided by Edwin C. Cox of Troutman Sanders. Borrower legal counsel was provided by K.C. Cohen of Indianapolis.
Connect Chicago is coming up on May 14! Click here to register for the event.
For comments, questions or concerns, please contact Paul Bubny