Dealmaker: Maverick Commercial Mortgage Arranges $101M

Maverick Commercial Mortgage, Chicago, closed $100.8 million for condominium and office assets in Illinois and Indiana.

In Chicago’s South Loop neighborhood Maverick Commercial Mortgage secured a $93.8 million first mortgage for the acquisition and renovation of the 449-unit River City condominium development. Marc Realty and Wolcott Group plan to convert the condominium units to rental apartments.

National bridge and commercial mortgage-backed securities lender Silverpeak Argentic, New York, funded the non-recourse interest-only loan.

Maverick Commercial Mortgage President Benjamin Kadish said the deal, which he called the largest condo deconversion to date in Chicago, took more than three years to complete.

The firm also closed a $7 million bridge loan for the International Technology Center in West Lafayette, Ind., a 75,099 square-foot net rentable area business office park building on 6.15 acres.

Kadish arranged the financing. The property’s anchor tenant is Parkwest Fitness.

The subject property at 1330 Win Hentschel Boulevard is in Purdue Research Park just north of Purdue University’s main campus in West Lafayette. Purdue Research Park is home to the largest university-affiliated technology incubator in the country and the largest concentration of high-tech firms in the state.

The non-recourse loan included a future funding component. The initial funding refinanced existing debt on the property and closing costs. The future funding will pay for lender-approved construction costs, tenant improvement costs and leasing commission costs. The three-year interest-only loan with two 12-month extension options equaled 75 percent of property value.