Dealmaker: Maverick Commercial Mortgage Arranges $51M

Maverick Commercial Mortgage, Chicago, secured $50.7 million for loft-style offices and co-living space in a revitalizing Chicago neighborhood.

Condor Partners, Chicago, is re-developing two 100,000-square-foot loft office buildings at 1901 and 1911 S. Sangamon in the Pilsen neighborhood into Mural Park. The Pilsen Historic District in the city’s Lower West Side appears on the National Register of Historic Places.

Mural Park will be on El Paseo, the city’s new four-mile bicycle and walking corridor connecting University Village with Pilsen and Little Village. A large public plaza featuring local art installations and year-round gardens will connect Mural Park’s two 100-year old buildings. The first tenants will include small craft batch brewery and full-service restaurant 5 Rabbit Cervecería.

Maverick also secured $17 million in construction financing for a ground-up co-living development in Pilsen, in which residents rent living space with shared kitchens and other amenities.

The regional bank loan that closed on November 20 will finance construction of a four-story, 223-bed co-living property called Common Addams, which will be the largest co-living home in the Midwest and the second co-living option in Pilsen.

Scheduled to open in 2020, Common Addams will include 54 four-bedroom units and more than 5,000 square feet of amenity space for the residents, called Common members. Amenities will include a lounge, movie room, 24-hour gym, roof deck and in-suite laundry. Each unit and shared space will be furnished and designed by Common’s in-house design team to promote easy shared living.

Rent prices at Common Addams are expected to start at $975 per month under one bill that will include a furnished apartment, all utilities, high-speed wi-fi, weekly cleanings of common spaces, shared supplies and hospitality-grade amenities. Common Addams is being built in both an Enterprise Zone and Opportunity Zone.