Maverick Commercial Mortgage, Inc., based in Chicago, has arranged a $4 million first mortgage refinance loan for a repeat borrower located in Lafayette, Indiana. The portfolio consists of 81 units spread across 15 buildings – 14 located in Frankfort and one in Rossville – with an occupancy rate of 97%.
The loan was provided by a regional lending institution and is structured as 10-year fixed-rate with interest only payments for the first year. It features an attractive rate set at a low spread over the 5 Year US Treasury that will readjust to the same base rate and spread after five years. The 25-year amortization schedule allows proceeds from this financing to be used to repay existing debt while returning equity back to sponsors.
