Maverick closes 4 mortgages for Matteson real estate owner
The loans in the amounts of $4.35 million, $3.95 million, $1 million and $576,000 will finance multifamily properties in Matteson, Richton Park and Chicago Heights with 155 total units and a 20,000-square-foot office building on Lincoln Highway in Matteson.
The portfolio as a whole is 95 percent occupied, with the majority of the multifamily units eligible for section 8 vouchers. It includes 10 properties, with 138 apartments total, located on the 4000 block of Lindenwood Avenue in Matteson; three buildings containing 17 units in Richton Park and Chicago Heights; and a 20,000-square-foot office building on Lincoln Highway in Matteson.
Several big-box retailers, including Target, Sam's Club, Sports Authority and Home Depot are located in proximity to the intersection of Cicero Avenue and Lincoln Highway. Other commercial uses in the area include hotels, low-rise and mid-rise office buildings, and the 110-acre Matteson Auto Mall.
"We were able to source high loan-to-value loans at very low interest rates for much-needed workforce and affordable housing properties for our client," comments Ben Kadish, president, Maverick Commercial Mortgage. "This deal exemplifies our ability to find and structure creative, competitive financing for our clients."